Profit in Florida firm’s private client group soared 34% in its fiscal fourth-quarter, but margin was restrained by expense growth, including independent broker payouts.
Finra slaps Arizona broker with a short suspension and $5,000 fine after his current employer Raymond James collected $15,000 from him for customer privacy violations at his former firm.
RBC and Baird score advisors from Merrill and Morgan Stanley, while RayJay signs up a $1.4-million producer from a bank-owned broker in New Orleans.
RBC adds $1.4-million team from Janney in Pittsburgh while RayJay recruits JPMorgan broker in Chicago.
Leaves crowded network of Jones offices in the area to open first RayJay employee-channel outpost in Las Cruces.
After 30 years at William Blair and Robert W. Baird, Rosa Ebling signs with the Florida-based firm’s Windy City employee-channel branch, while $2-million team led by Keith Bock in New York State leaves his home of more than 35 years.
Team with outpost in Boca Raton generated $3.3 million in production in last 12 months, Raymond James said.
Paul Reilly says advisors understand that the DOL fiduciary rule requires some compensation sacrifice but doesn’t spell out the details.
Payout rates to drop by 100 to 400 basis points for most brokers.