A Merrill Lynch adviser who generated over $1 million in annual revenue moved to Raymond James, citing the firm's culture and plans to comply with the fiduciary rule.
Patricia Bennett and two assistants joined the firm last week in Louisville, Kentucky, where she reunites with branch manager
Bennett was attracted to Raymond James in part because the regional firm, in contrast to
"We want to be able to rise to whatever the occasion is based on the client's needs," she tells On Wall Street.
While Merrill has previously said it would phase out such accounts, Andy Sieg, head of the firm recently said that "operational changes"
A spokeswoman for Merrill Lynch wasn't immediately available for comment.
The firm also recruited an international wealth management team that oversaw $576 million, according to our latest roundup of recent hires and moves.
Bennett isn't the only adviser to leave the wirehouse in part because of its fiduciary rule policies; Brad Parsons
Of course, Merrill's stance on the rule hasn't prevented it from
For her part, Bennett says that additional considerations motivated her move, including
"I went three separate times because I wanted to make sure that I fully vetted this out," she says. "This wasn't an easy decision. It took about two years to make."
SECOND CAREER
Bennett previously managed more than $138 million in client assets while at the wirehouse, according to Raymond James.
Also moving with her are practice business coordinator Heather Poole and registered client service associate Kristen Swanson. Together, the team operates as Creekstone Financial Group.
"We're really excited to work with Tom again," Bennett says.
Her practice is focused on three types of clients: retirees, owners of family-run businesses and divorcees. "We see a common denominator between emotions and money. So our practice is focused on the whole person," she says.
Bennett, 52, started as an adviser at Smith Barney in 2004 as a second career, having previously held corporate positions at Eastman Kodak and Lexmark. Hirsch recruited her to Merrill in 2007.
"A lot of people thought I was crazy to start over in what is a risky profession because so many people don't make a career out of this. But I loved the ability to make a difference for clients," she says, adding she can't imagine retiring from this profession.
