What You Need to Know
- The new registered reps joined from Merrill, Morgan Stanley and UBS, as well as from other broker-dealers, where they managed a combined $1.2 billion.
- Six advisors are now part of Raymond James’ affiliate Crux Wealth Advisors, while five are now in Alex. Brown.
- Also this week, the firm said it received a long-term senior unsecured rating of A- with a stable outlook from Fitch.
Raymond James Financial Services has added six financial advisors to affiliate Crux Wealth Advisors from rivals like Merrill Lynch and UBS, while its Alex. Brown unit has added five advisors from rivals including Merrill, Morgan Stanley and Wells Fargo.
The 11 advisors joining Crux and Alex. Brown manage more than $1.2 billion in combined assets, according to the firm.
The advisors joining Crux in Long Beach, California, manage over $500 million. They include Jonathan Plail, president and CEO of Buffalo, New York-based Plail Wealth Management, formerly with Merrill Lynch, where he managed about $120 million in client assets; as well as wealth advisors Anthony Pandolfi and Andrew Durfee who previously worked for UBS Financial Services, where they managed about $110 million in assets.
The addition of JoAnn Favia to Crux, meanwhile, marks its strategic expansion in Illinois and the opening of the group’s first office in Chicago. Earlier, she was affiliated with Kestra Investment Services, where she managed about $175 million in assets.
Crux has experienced rapid expansion in the past two years across the U.S. with additions on the West Coast, central and Northeast regions, Raymond James said.
“We felt that aligning with Crux Wealth Advisors and Raymond James would provide us with the right combination of an in-depth platform of resources on an independent chassis,” according to Cirocco.
As Crux started “exploring our expansion into Western New York and Illinois, we found we had a unique opportunity to partner with advisors who may feel underserved and could benefit from an alignment” with Raymond James, according to Crux CEO Travis Alexander.
Alex. Brown Adds 5
Separately, Alex. Brown said the five advisors who recently joined it managed more than $695 million in combined client assets.