Raymond James has successfully recruited a team of four financial advisors from RBC Capital Markets, bringing with them $1.1 billion in client assets. This strategic move aims to enhance the firm's employee advisor channel, Raymond James & Associates (RJA), and strengthen its presence in the Las Vegas market.
Key Takeaways
Team Composition: The new team includes Kerry Withrow, Ben Hamilton, Ryan D’Souza, and Elliot Bloch, along with practice business manager Terri Criswell.
Client Assets: The team managed $1.1 billion in client assets at RBC Capital Markets.
Strategic Decision: The advisors chose Raymond James for its advanced technology and investment banking capabilities.
Industry Experience: The team members bring decades of combined experience in financial services.
Team Background
The newly formed team, now known as the Business Exit Planning Advisors of Raymond James, will operate from the firm's Las Vegas branch. Each member has a rich history in the financial services industry:
Kerry Withrow: With over 30 years of experience, he previously served as managing director at RBC Capital Markets.
Ben Hamilton: A seasoned advisor with 46 years in the industry, he holds the Certified Exit Planning Advisor® designation.
Ryan D’Souza: Details about his background were not specified, but he is part of the core team.
Elliot Bloch: Also a key member of the team, contributing to the overall expertise.
Terri Criswell: The practice business manager who will support the team’s operations.
Reasons for Transition
The decision to join Raymond James was influenced by several factors:
Advanced Technology: The firm offers platforms specifically designed for business owners and high-net-worth individuals.
Investment Banking Access: The ability to leverage Raymond James Investment Banking was crucial for the team.
Kerry Withrow expressed confidence in the transition, stating, "After extensive deliberation and due diligence, our team partnered with Raymond James for its advanced technology platforms."
Future Prospects
Lance Horton, the complex manager for the Mountain Desert Complex, expressed enthusiasm about the new addition, stating, "This talented team is a promising addition to our Western division."
This recruitment marks the second significant team acquisition in the West for Raymond James in recent months. In September, another team from Utah, managing approximately $1 billion in client assets, also transitioned to Raymond James.
Leadership Changes
In addition to the team acquisition, Raymond James is undergoing leadership changes:
CFO Paul Shoukry will succeed CEO Paul Reilly in fiscal year 2025.
Tom Walrond has been promoted to head RJA, taking over from Tash Elwyn, who is now president of the Private Client Group.
Shannon Reid will lead the firm’s independent contractor division.
Conclusion
The addition of this Las Vegas team not only enhances Raymond James' capabilities but also reflects its commitment to attracting impactful practices that align with its culture and values. As the firm continues to grow, it remains focused on providing exceptional service to its clients, ensuring their financial journeys are well-supported and guided by experienced professionals.
Sources
Raymond James Snags $1.1B Las Vegas Team, WealthManagement.com.