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Raymond James Snatches Two FAs from Merrill Lynch

By Alex Padalka March 14, 2017

Raymond James has recruited two advisors who previously managed $253 million in client assets at rival Merrill Lynch.

Patricia Bennett joins Raymond James’ employee broker-dealer channel along with two associates as Creekstone Financial Group of Raymond James in Louisville, Ky., according to a press release from Raymond James. Bennett’s team managed $138 million in client assets and brought in more than $1 million in annual fees and commissions while at Merrill Lynch, according to the press release. She was recruited by Thomas Hirsch, complex manager for RJA who had previously recruited her to Merrill Lynch, Raymond James says in the press release. Bennett began her financial services career at Smith Barney in 2002 and joined Merrill Lynch in 2007, according to the press release.

Separately, Bradford Parsons joins Raymond James’ employee broker-dealer channel in Charlotte, N.C., the company says in a press release. He managed more than $115 million in client assets while at Merrill Lynch, which he had joined in 2008 after a stint at Smith Barney that began in 1997, Raymond James says. Parsons says in the press release that the move was precipitated by the ability to work with clients “without regard to account size or asset levels.”

Earlier this month, Raymond James also snapped up three financial advisors from Merrill Lynch rival Morgan Stanley, where they managed $144 million in client assets.

And last month several Morgan Stanley reps managing around $700 million in client assets joined Steward Partners, an employee-owned independent partnership affiliated with Raymond James Financial Services. Raymond James was also a top recruiter in the last two quarters of 2016.