Technology was a key factor behind the departure of a $350 million team at Merrill Lynch for Raymond James.
The group opened a new office for the regional firm's employee channel in Williamsport, Pennsylvania. They previously generated over $2 million in annual fees and commissions, according to
Team member Brian Pick said they made the move in part because of Raymond James'
"About three years ago we started to look for a firm where we would be allowed to manage our client relationships, manage our clients' portfolios and prepare financial plans that were in our clients' best interests," Pick said in a statement.
A look at which wirehouse and regional firms have been the most successful in attracting top recruits – and how things may shape up this year.
Pick added: "There was just no other firm that met all our needs."
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The regional firm has added at least 17 ex-wirehouse advisers in the first three months of the year.
March 16 -
The new recruit is an industry veteran, having spent more than two decades at Wachovia and Wells Fargo.
February 28 -
The group is led by a veteran adviser who started her career in the late 1980s.
December 28 -
Over 50 advisers have now joined the independent firm, which is affiliated with Raymond James.
March 20
He leads the group with adviser Terri Fought.
Fellow team members include Michael Bridgham, senior investment portfolio analyst, Craig Fought, financial adviser, and Christine Engel, senior registered client service associate. They operate as Pick Fought Wealth Advisors of Raymond James. Craig is Terri's son, according to the firm.
Pick was a longtime Merrill Lynch veteran, having started his career at the firm in 1996, according to FINRA BrokerCheck records. Fought began her career at the wirehouse a year after Pick. Prior to wealth management, she owned several retail stores in Pennsylvania, according to Raymond James.
A spokeswoman for Merrill Lynch could not be reached for immediate comment.
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