Raymond James grabs $1B ensemble team from Wells Fargo FiNet

In its second recruiting grab of the young year involving at least $1 billion in client assets, Raymond James added an indie team from Wells Fargo.

Eight financial advisors managing $1.06 billion in client assets with Hall Financial Advisors and Karageorge Wealth Management left Wells Fargo Advisors Financial Network for Raymond James Financial Services, the firm said Feb. 18. Lead advisors Chris Hall and James Karageorge operate their firms out of offices in West Virginia and Ohio. The separate firms “partner together” on investment management services, Hall and Karageorge said in an email.

Their move after more than 15 years each with FiNet represents the sixth biggest of 2021 in the independent broker-dealer channel, according to Financial Planning’s tracking of company announcements. In addition to record assets under administration and under management, Raymond James added a net 173 employee and indie advisors in 2020 to reach 8,233.

“We felt it was extremely important to do a thorough due diligence across the financial services industry to explore our options,” Hall said in a statement. “As our practice evolves, we are grateful to have found a partner that will allow us to enhance our client experience, backed with the resources we need as we grow.”

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Representatives for Wells Fargo declined to comment on their departure.

Hall and Karageorge formally affiliated with Raymond James on Feb. 4, according to FINRA BrokerCheck. In addition to their tenures with FiNet, Hall previously worked for Edward Jones and Signator Investors while Karageorge spent a decade with Fifth Third Securities. Karageorge also trains future CFPs as an adjunct professor at The Ohio University’s College of Business.

Karageorge’s ensemble practice with four staff members has its office in Athens, Ohio, while Hall leads a team of six other advisors and nine support employees from locations in Parkersburg, West Virginia, and Marietta, Ohio.

“We are proud that advisors, particularly ensemble teams, continue to recognize Raymond James’ unique offering in the marketplace,” Jodi Perry, president of the firm’s Independent Contractors Division, said in a statement.

The firm’s latest recruiting grab follows another major move in the bank channel last month that sent 22 advisors with $1.2 billion in client assets to Raymond James from rival LPL Financial. The competitors have each unveiled two newly recruited teams with more than $1 billion joining their ranks this year, though two banks’ mega-moves to LPL will bring a combined $34 billion into the firm’s fold by the middle of the year.