Feb 15 Raymond James Financial Inc said on Friday it added a team of advisers in West Virginia from Bank of America Corp's Merrill Lynch.
The new hires, advisers Jeff Faucette and Tony Williams, joined Raymond James' Huntington branch from Merrill, where they managed more than $124 million in client assets and generated roughly $1 million in annual fees and commissions.
"We were drawn to the conservative nature of the firm," Faucette said in an interview, referring to the management culture and the fact that the company is not owned by a major Wall Street bank. "We live in a smaller community, not a major metropolitan area, and Raymond James' approach to business was a good fit."
Williams, who had been at Merrill for more than three decades, was the resident manager of Merrill's Huntington office.
Bank of America did not immediately return a request for comment on the adviser departures.
Faucette and Williams joined Raymond James & Associates, the company's traditional employee broker-dealer. Raymond James also has an independent broker-dealer division in the United States and smaller brokerage units in Canada and Britain.
The team, known as the Williams Faucette Advisory Group, specializes in investment, retirement and financial planning for families and business owners.
Raymond James' Huntington branch also recently added former Morgan Stanley adviser John Dorsey, who joined them in late November.
With its broker-dealer subsidiaries, St. Petersburg, Florida-based Raymond James had 6,289 advisers and representatives who managed $392 billion of client assets as of the end of December.
Raymond James Chief Executive Paul Reilly said in an interview in January that he expects more advisers to join the firm once it finishes integrating its Morgan Keegan brokerage unit this month.