ON THE MOVE-Raymond James hires adviser team from Wells Fargo

NEW YORK Fri Dec 6, 2013 3:42pm EST

NEW YORK Dec 6 (Reuters) - Raymond James Financial Inc. has hired a team of three financial advisers from Wells Fargo in an effort to expand its independent employee business.

A team including Doug Noble, Greg Bowden and Rod Dahl joined Advisor Select, Raymond James's independent employee division, on Oct. 31. The team is based in Georgetown, Texas.

The team managed over $220 million in client assets at Wells Fargo Advisors and had $1.3 million in annual revenue production. A Wells Fargo spokeswoman confirmed the departures but declined further comment.

Noble told Reuters that he and his team, known as Goodwater Wealth Management Group of Raymond James, have contacted their former clients and have had a "tremendous amount" join them at their new firm.

"The flexibility is really what drew us to this model, that and we can control our bottom line," Noble said of the move.

Advisor Select, which was launched in 2004, offers its employees resources such as technology, custodianship and trading tools while relieving them of much of the administrative tasks of running a small business, said Chris Davitt, vice president and director of Advisor Select.

Raymond James is based in St. Petersburg, Florida.

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