News Summary
Raymond James has significantly strengthened its recruitment efforts, bringing in new advisory teams from Las Vegas, Virginia Beach, and Wisconsin. The Toll team in Las Vegas has transitioned with $347 million in client assets, focusing on financial planning for new wealth. Todd West and Jason Hoffman from Virginia Beach joined with $276 million, while Pinnacle Wealth Management from Wisconsin brought in $240 million. This expansion reflects the competitive nature of the financial services market as firms seek top talent to enhance their offerings.
Las Vegas – Raymond James has continued its recruitment surge, recently welcoming new advisory teams from multiple states including Las Vegas, Virginia Beach, and Wisconsin. This influx of financial advisors marks another strategic move by the firm to expand its presence in the competitive financial services industry.
In Las Vegas, the Toll team, now known as Toll Wealth Management, transitioned to Raymond James from RBC Capital Markets, where they were responsible for managing $347 million in client assets. The team focuses on providing financial planning services for business owners and individuals who are experiencing sudden wealth. The firm’s comprehensive investment platform, enhanced technology, and culture were significant factors in their decision to partner with Raymond James.
In Virginia Beach, Todd West and Jason Hoffman joined Raymond James & Associates from Wells Fargo, bringing along $276 million in client assets. They will operate under the name West Hoffman Wealth Management, aiming to serve business owners, families, and retirees. The advisors cited the firm’s robust platform, leading-edge technology, and culture as key reasons for their transition.
The recruitment effort also saw the entry of a Wisconsin-based team, Pinnacle Wealth Management, which previously managed over $240 million in assets at Thrivent Financial. Managed by Travis Rose, the team emphasized the values of independence, integrity, and access to modern resources that Raymond James offers to its advisors.
Additionally, the firm has made strides in Florida, integrating an advisory duo that managed $210 million in client assets from Commonwealth. This highlights the ongoing expansion strategy of Raymond James in various key markets.
Furthermore, Wells Fargo Advisors announced its own recruitment moves by adding a new team in Seal Beach, California, transitioning from RBC Wealth Management. This team includes senior financial advisors Benjamin Goldberg and Brian Richmond, along with client associate Kelsey Chicots, managing nearly $156 million in assets. Goldberg has 32 years of industry experience while Richmond brings 23 years of experience, with previous affiliations with major firms such as Citi and Morgan Stanley. This recruitment is part of Wells Fargo’s summer initiatives, which also included hires from Morgan Stanley and Commonwealth.
Stephens, an Arkansas-based firm, has also made strides in its recruitment efforts by hiring Josh McCord as a vice president and financial consultant in Shreveport, Louisiana. McCord, recognized for his client-first approach, previously worked at JPMorgan and started his career at Merrill Lynch. The executive vice president of Stephens’ Private Wealth Management division commended McCord’s dedication and well-rounded perspective, reflecting the firm’s ongoing goals to enhance its service offerings.
Raymond James, founded in 1933, is recognized as a leading family-owned firm with over $15 billion in regulatory assets under management. The recent recruitment activity underscores the firm’s strong growth potential and highlights the competitive nature of the financial services landscape as firms vie for top talent to better serve their clients.
As the financial services industry continues to expand, the recent additions at Raymond James and other firms illustrate a dynamic marketplace where established brands are actively enhancing their capabilities and reach to meet diverse client needs.
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Additional Resources
- Investment News: Raymond James Snags Advisor Teams
- Wikipedia: Financial Services Industry
- FA Mag: Raymond James Lands Las Vegas Advisor Duo
- Google Search: Financial Recruitment
- Wealth Solutions Report: Recruiting Roundup
- Google Scholar: Financial Service Recruitment
- Investment News: LPL Adds Father-Son Duo
- Encyclopedia Britannica: Investment Firms
- Advisor Hub: Morgan Stanley Fail Against Broker
- Google News: Investment News
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