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ON THE MOVE-Raymond James lands 4 Wells Fargo FiNet brokers after cold call reconnaissance
August 28, 2014 / 6:00 PM / in 3 years

ON THE MOVE-Raymond James lands 4 Wells Fargo FiNet brokers after cold call reconnaissance

NEW YORK, Aug 28 (Reuters) - Raymond James Financial Services, the independent broker-dealer arm of Raymond James Financial, said on Thursday it added a four-person team of brokers from Wells Fargo Advisors Financial Network (FiNet) after the lead adviser conducted some unconventional due diligence: he cold called employees at the St. Petersburg home office and asked how they liked their jobs.

Kenneth “Casey” Compton, whose team managed $170 million in assets at FiNet, Wells Fargo & Co’s independent broker-dealer, said he spoke with employees across Raymond James Financial just by entering random extensions on the firm’s main hot line.

”I would ask, ‘How long have you been at Raymond James?'“ and it was only last week that I could find someone who’d been there less than a decade,” Compton said in a telephone interview.

He also called strangers at Raymond James independent advisory groups across the country during his cold call reconnaissance, but he said the longevity of the employees’ careers at headquarters reassured him because of the turmoil that has battered the industry over the last 10 years.

Since starting with Raymond James on June 23, Compton’s team has acquired one small advisory practice and is in talks to acquire several more, a spokesman for Raymond James Financial Services said.

Wells Fargo did not immediately respond to a request for comment. (Reporting by Elizabeth Dilts; Editing by Jonathan Oatis)

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