Raymond James Moves Teams in Florida and Colorado Despite Virus Crisis
In spite of coronavirus disruptions that have led to office closings and cancellations of recruiting visits to its Florida home office, Raymond James Financial has relaunched its broker transition operations and this week landed at least two new teams in Florida and Colorado.
Reached at his new Raymond James & Associates office, Montalvo confirmed the move, but said he was not authorized to discuss details of the transition or the team’s reason for moving.
In Boulder, Col., advisors Jason Jachimowicz and Lynn Shook left Morgan Stanley on Tuesday after almost 12 years with the wirehouse and predecessor Smith Barney, according to their BrokerCheck histories, and to social media postings about their moves. They could not immediately be reached for comment, and their downtown Boulder office is temporarily closed, according to its website.
Raymond James Chief Executive Paul Reilly said in a late March regulatory filing that active recruiting was a temporary casualty of the shelter-at-home coronavirus crisis that also has dealt a stinging blow to client and firm asset valuations.
But the company’s private client group, which includes about 8,100 brokers in its employee and independent channels, has relaunched its aggressive recruiting efforts, according to division President Scott Curtis.
“In the face of challenge, we’re changing our approach,” Curtis wrote on a new web page promoting its recruiting adaptations.
“Our branch managers and Transition department are now fully operational remotely,” he wrote. “Home Office Visits that were delayed out of necessity as travel restrictions and social distancing recommendations were announced are now being rescheduled as virtual visits…to ensure you can still meet with anyone you would have on site from your laptop or other device.”
Raymond James is not offering the industry’s highest recruiting deals—upper-quintile brokers can expect around 125% of their trailing-12-month revenue, recruiters said—and Curtis’ post did not address whether asset-based recruiting formulas are being adjusted for the market turmoil.
As recently as January, Reilly said that the firm’s broker-centric culture continues to draw experienced advisors from wirehouses who are discontented with their firms.
Jachimowicz, the Colorado broker who joined from Morgan Stanley this week, began his career at UBS in 1997 in Menlo Park, Calif, remaining for almost 11 years before transferring to Smith Barney in Colorado, according to his former Morgan Stanley team website, which indicated that he works actively on retirement accounts.
Shook, his practice partner on a team they called the Emerald Peak group, began her brokerage career in June 2008 at a Citigroup/Smith Barney office in Colorado, around the same time as Jachimowicz, according to their BrokerCheck histories. She had previously worked as a banker at Wells Fargo predecessors Wachovia Bank and World Savings Bank, according to the biography on their former website.
Montalvo’s move from Regions Bank in Florida had been in the works for over a year, and his team is well positioned to transfer his international client base because they are accustomed to virtual meetings and using e-signatures for account paperwork, said the person familiar with his transition. One of the few positive aspects of moving in the chaos of today’s virus crisis and remote working is that colleagues at former firms cannot be as effectively deployed by managers to try to retain clients, according to some headhunters.
Despite their banking roots, Montalvo and Cárdenas worked on a grid-based payout system rather than a salary-plus-bonus, earning a percentage of the fees they charge clients, according to the source.
Montalvo began his brokerage career in 2002 at SunTrust Investment Services, moved to Wells Fargo’s private bank in 2008, and spent less than a year at Allgen Financial Services before joining Regions in 2015, according to his LinkedIn profile. He was not registered as a broker or investment adviser between 2014 and 2019, according to regulatory records.
Cárdenas started his career at Morgan Stanley in 2010, moved to Wells in 2012 and traced the same moves to Allgen and Regions Bank as Montalvo in 2014 and 2015. Raymond James purchased Regions’ core wealth business in 2012, but the bank’s remaining wealth advisors are registered through a broker-dealer unit of Cetera Investment Services, LLC.
Spokespeople at Raymond James did not return requests for comment about the new hires.