RayJay Stretches West, Grabs Two Teams from Merrill Lynch
Continuing its march westward, Florida-based Raymond James Financial’s traditional branch channel has hired two teams from Merrill Lynch in California and Texas last week and is planning its first office in the Las Vegas area.
Michael W. Faircloth II and his junior partner Edward “Eddie” Martin joined Raymond James & Associates’ Modesto branch in northern California on Friday, Faircloth, a first vice president, confirmed. The office has two other brokers, according to its , and is a satellite of the nine-broker Walnut Creek branch run by complex manager Nathan Clakley.
Faircloth, who had been with Merrill Lynch for eight years and also put in time at Smith Barney and Morgan Stanley DeanWitter since registering as a broker in 1999, declined to discuss specific reasons for the move but said he and Martin “looked at pretty much everyone,” including independent advisory firms, before casting its lot with Raymond James.
Brian Hartzell’s 36-year career began at PaineWebber and took him to Morgan Stanley, Banc of America Investment Services and ultimately Merrill Lynch after the bank bought the brokerage firm in 2009.
“There were a lot of options,” the Texas broker said of his decision to move, “but I found that Raymond James is more interested in the client.” His jump on June 30 followed by a few day the firm’s capture of Merrill brokers in Honolulu and El Paso.
The Hartzell team was managing around $100 million in assets for, largely, “mom and pop investors” at Merrill, Hartzell said. Faircloth declined to discuss his team’s assets under management or production.
Raymond James, which has about 3,000 brokers in its employee channel and some 4,200 independent contractors, has been aggressively growing in large and small markets through acquisitions and recruiting. The St. Petersburg-based firm preaches to brokers that it nurtures a culture distinct from wirehouses in valuing their “ownership” of client relations, and has not been shy about saying so in public relations releases.
As part of its westward expansion, Raymond James & Associates is now searching for brokers and office space in the Las Vegas-Henderson, Nevada, area for its employee channel. The location will initially be a satellite of the firm’s Cottonwood Heights, Utah, office that opened less than two years ago said Morgan Irvin, operations manager for the in suburban Salt Lake City.
Irvin and branch manager Pam McComas, who previously worked together at UBS Financial Services, joined Raymond James in August and November 2015, respectively.
A Raymond James spokeswoman did not return a request for comment on the recent hires or on the firm’s plans for a Las Vegas-area office.