RayJay Lands Brokers from RBC, Morgan Stanley
Raymond James Financial added three brokers, one from regional rival RBC Wealth Management and another from Morgan Stanley Wealth Management, according to registration records and an announcement from the firm on Thursday.
In Des Moines, Iowa, Raymond James picked up RBC broker Gerald Boesen, who joined the firm’s employee brokerage channel, Raymond James & Associates, on September 15, according to BrokerCheck.
Boesen, a 31-year industry veteran, declined to comment on his reasons for moving or his assets under management. He had been with RBC since 2010, and before that worked at The Robinson-Humphrey Company and Smith Barney, according to BrokerCheck.
On LinkedIn, Boesen advertises that he models his practice based on the experience in his family’s flower business.
“I bring to wealth management the values of superior service and integrity that I learned growing up in my family’s floral business,” he wrote.
In Houston, Raymond James added a husband-wife team of Wayne and Therese Green, according to an announcement on Thursday. The two come from Morgan Stanley and previously oversaw $170 million in client assets, according to the release, which did not specify their production.
The Greens are joining Raymond James’ independent brokerage channel and work under the name Sage Street Financial Advisory.
Wayne did not return a request for comment, and Therese was not available, according to a person answering the phone at their new office. They officially joined on May 26, according to BrokerCheck.
It’s the first move for the Greens. Wayne started his career at Smith Barney in 1996 and stayed through the 2009 acquisition by Morgan Stanley, and Therese joined him at Smith Barney in 1998, according to BrokerCheck.
So-called regional broker-dealers continue to scoop up brokers, particularly in the sub-$1 million dollar range as the wirehouses have cut back on recruiting or become selective, said Michael King, a recruiter in New York.
“The choices are much more limited than they were before,” King said. “Unless you’re God’s first cousin, you can’t get into the wirehouses at Merrill, Morgan [Stanley], or UBS.”
Morgan Stanley recently introduced a slimmed-down recruiting deal for so-called “franchise players,” whom it will offer as much as 250% of their trailing-12 production.