October 1, 2021

AdvisorHub Workers





As its company mum or dad’s 2020 fiscal yr ends, Raymond James & Associates danced the Texas two-step on Thursday, hiring from Merrill Lynch Wealth Administration a North Texas crew and an Austin duo.

A 3-person crew led by 37-year business and 16-year Merrill veteran Jon Blair  moved to Raymond James’ Frisco workplace. At Merrill, the crew had $1.35 million in manufacturing and $460 million in consumer property, which included 401(Ok) plan accounts, in keeping with a Raymond James administration supply, who requested to stay nameless. Transferring with Blair is his son Matt, in addition to a consumer affiliate Diana Yacob.

The 2 Austin-based advisors making the Merrill-to-RayJay trek had $1.2 million in manufacturing and included Charles M. Cooper and Brent Elyea. Cooper, a 29-year business veteran, began at Lehman Brothers in 1992, the yr earlier than its brokerage unit was purchased by Citigroup, and likewise labored at UBS earlier than becoming a member of Merrill in 2009, in keeping with BrokerCheck. Elyea began within the business at Merrill in 2016.

The advisors’ strikes from Merrill all coincided with the Sept. 30 finish of St. Petersburg, Florida-based Raymond James Monetary’s fiscal yr, which implies that the advisors would remove one yr of ready for his or her deferred compensation to vest, in keeping with the identical government. The coincidence helped jumpstart their timing, and likewise will bolster Raymond James’ dealer roster for its year-end report, the identical government mentioned.

Beforehand, Raymond James Monetary Chief Govt Paul Reilly in July touted a revival in veteran dealer recruiting after a six-month lag. The increase partially mirrored sweetened recruiting presents that the regional started providing earlier this yr after executives discovered it was being outbid by as a lot as 50% in some circumstances.

Blair’s crew experiences to Raymond James’ North Texas-Arkansas complicated supervisor Jeremy Silvas, who left Merrill in 2019 after managing a fancy in Houston, and in late July, had employed a multi-million Merrill crew led by Christopher Beavers in Fort Value.

The elder Blair is a Texas Panhandle native, in keeping with his Merrill bio, who started his profession in 1983 at EF Hutton. He had managed Merrill’s Midland department workplace as its senior resident director for the previous eight years, in keeping with the Merrill bio. Matt began within the business at Merrill in 2009.

Cooper and Elyea report back to Sam Dickson, who manages Raymond James’ South-Central Texas complicated, in keeping with an inner announcement.

Three of the advisors didn’t reply to requests for feedback, left by way of social media. Eylea declined to remark instantly by press time.

Raymond James and Merrill spokespersons didn’t return a request for remark.

4 years in the past, Merrill President Andy Sieg has laid out a method of progress with out recruiting that depends on coaching and tying compensation to new accounts however has been stepping up efforts to deal with dealer suggestions after acknowledging an increase in attrition.


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