A two-advisor team managing $975 million at Truist has joined Raymond James’ employee channel.
Advisors John Gill and Bryan Horner were joined in the move by Mari Hurd, business practice coordinator, and Katie Bosler, senior registered client service associate.
“As financial advisors, we feel a responsibility to choose a partner that shares our values and dedication to clients,” says Gill in a
Truist was created from a merger between brokerage and advisor BB&T Corporation and SunTrust Bank in 2019, the bank announced at the time of the
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The company upped its recruiting package last year, a change that has been “very well received by prospective advisors,” according to the CEO.
April 29 -
As its advisor headcounts in the W-2 channel have stagnated, Raymond James Advisor Select added a major former UBS quartet.
May 6 -
Concurrent is catering to breakaway teams assessing their options after back-office frustrations during the coronavirus, co-founder Mike Hlavek says.
June 3
Gill and Horner Wealth Management Group of Raymond James moved to Raymond James and Associates’ Virginia complex, where Vic Philleo is the manager.
Raymond James’ advisor employee headcount has remained relatively flat over the last five quarters, while their 1099 channel saw an increase of 3% over the same time period,
Raymond James CEO Paul Reilly said in the company’s most recent earnings call that recruiting momentum for employees has increased but employee advisory count is down slightly from the prior quarter. That’s because of “a higher number of retirements where assets are typically retained at the firm as well as the smaller training class,” Reilly said.
“On the employee side, as we mentioned last quarter, in response to the increased recruiting packages by competitors, we enhanced our recruiting packages to be more competitive while also ensuring attractive returns to our shareholders,” Reilly said on the call, according to a
Over the last four quarters, the firm has recruited advisors with $285 million in trailing 12-month production and $44 billion in client assets, according to
Gavin Spitzner, president of Wealth Consulting Partners, said though he does not generalize about why teams leave, there’s bound to be attrition during a merger, especially among advisors “on the losing end of which legacy firm's platform is the primary go forward solution.”
“When you combine that with fat checks, aka forgivable loans, that many independent broker dealers are cutting in the AUM war, there are going to be advisors who are going to take that offer, especially since most bank programs aren't as aggressive on that front,” he said.
He added: “[T]here's always a story behind the story with other motivating factors that can be very individual, leading some to look for greener pastures and others to stay put.”
Advisors decamping after a merger most often leave because the merged firm's compensation plan structure changes, but it could also be because of stricter oversight, shifts in the type of business that advisors can conduct, distaste for working for a retail bank, or simply a desire to cash out, says compensation consultant Andrew Tasnady.
Gill has worked in the financial services industry for more than 35 years, according to a statement. Before joining Raymond James he worked for BB&T Scott & Stringfellow, now Truist Investment Service.
Horner has a decade of experience and also worked at BB&T Securities from 2014-2021 and then Truist.
“Raymond James provides a unique advisor and client experience with the benefits of scale and superior technology,” says Horner in the statement. “The firm’s focus on wealth management is evident in the services they provide to help support advisors’ relationships with clients. We feel that our team and our clients are well positioned to benefit from all of the resources here at Raymond James.”
