Raymond James is growing through acquisition.
The Tampa Bay-based wealth management firm has successfully completed its eighth major advisor recruitment effort in the past three weeks, part of a concerted effort to expand its reach to new markets.
What we are seeing is the result of months and months of consistent recruiting, says Tash Elwyn, Raymond James president.
The regional investment firms wins are its competitors losses. All the newly recruited advisors previously worked at wirehouses, where they each were responsible for at least $1 million in annual production. Collectively the group managed about $1.6 billion in assets at their previous firms.
Elwyn attributes the recent string of wins to dissatisfaction within the ranks at the wirehouses and efforts by Raymond James branch managers to seek out and woo prospective recruits. Raymond James model, he says, offers greater flexibility, allowing advisors to work as employees or to operate as an independent firm under the Raymond James umbrella.
The grab this time, two brothers with $1.1 million in production and almost $210 in client assets, came at the expense of Merrill Lynch. Advisors Nick Salvetti, CFP, CRPC, and A.J. Salvetti, CFP, CRPC, along with senior client services associate Patti Pedrucci, will join Raymond James Financial Services, the firms independent broker/dealer. The team operates as the Salvetti Group Family Wealth Advisors, with offices in Stockton and Sacramento, Calif.
We really felt the time had come to be an independent business and grow our own brand, but we still wanted access to all the resources and support of a major firm. Raymond James fit us perfectly, Nick Salvetti said in a statement.
Both brothers have more than 15 years of experience in the financial services industry, having previously worked for both Merrill and Morgan Stanley.
The Salvetti Group is the second California addition for Raymond James in recent weeks. Another former Merrill team based in San Diego joined forces with the firm last week. Elwyn says he is aiming to grow the firms business in the Pacific coast states and in the Northeast, pointing to the recent grand opening of a branch in Beverly Hills as another case in point.
Were definitely seeing very strong interest on the West Coast, Elwyn reports.
In the Northeast, the firm has brought on Peter Alberding, previously with UBS, to manage its new branch office in Boston, set to open in early April.
Alberding has been in the industry since 1997, and was formerly COO of UBS western U.S. division, where he oversaw more than 4,000 advisors.
We are delighted to welcome such an experienced and seasoned manager as Peter to open our first RJA office in downtown Boston, Elwyn said in a statement. He, like our recent management appointees in San Diego, Seattle and Washington D.C. will lead a focused expansion in these markets which are a key part of our growth strategy for our firm.
Privately, Elwyn admits the firms recruiting costs have been significant, but says that the investment in top talent is worth it.