A Raymond James adviser who managed $177 million in clients assets moved to Ameriprise, a spokeswoman says.
Charles White worked under Raymond James in Camden, Maine, for only a year before joining Ameriprise, according to FINRA BrokerCheck records. White operates on the independent side of Ameriprise, the company says.
A spokeswoman from Raymond James was not available to comment on White’s departure.
The market for broker recruiting has changed dramatically in the wake of cutbacks at three of the wirehouses. Regional brokerage firms and others are using the lull as an opportunity to reel in multimillion-dollar teams, says recruiter Louis Diamond.
“Regional firms have stayed unscathed by the major headlines that have plagued the major firms and they have cultures and stories that appeal to advisers rather than the regulatory environment and bureaucracy that surrounds the larger firms,” Diamond says.
Raymond James has been among the beneficiaries of that movement, pulling in a number of large wirehouse teams in recent months. Among the firm's new recruits was a UBS team that managed $3.5 billion in institutional and retail assets. That group joined in Hawaii.
White had worked on the firm's independent side, according to BrokerCheck records. Before Raymond James, he worked at LPL Financial for two years. He started his career in 2007 at a small broker-dealer in Roseland, New Jersey.