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
Williams, who had been at Merrill for more than three
decades, was the resident manager of Merrill's Huntington
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
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.