Father-and-son advisors managing more than $200 million in assets have left Sterne Agee for Raymond James.
Stephen Adams, his son Justin, and registered service associate Carol Hines joined the Raymond James & Associates office in San Francisco, where they report to Nathan Clakley, complex manager for Northern California. The team, known as the Adams Group, generated more than $1.1 million in annual fees and commissions while at Sterne Agee.
Raymond James has been in growth mode, particularly on the West Coast. Earlier this year, the firm opened an office in Beverly Hills, and recruited advisor teams in cities such as Sacramento and San Diego.
What we are seeing is the result of months and months of consistent recruiting, Tash Elwyn, president of Raymond James & Associates, told OWS earlier this year.
The elder Adams started his career at Sherson Hammill in 1972, according to FINRA records. He later worked Loeb Rhoades and Van Kasper, where his son Justin, a CFP, joined him in 2000. Both stayed with the firm through its acquisition with Wells Fargo, and left in 2004 to join Nollenberger Capital, which was acquired by Sterne Agee in 2011.
The latest recruits come on the heels of another grab by Raymond James. The firm signed on an advisor team from Stifel that generated about $3.1 million in annual revenue.