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Merrill FAs Managing $350M Leave for Raymond James

By Alex Padalka March 23, 2017

Merrill Lynch continues shedding veteran brokers to rivals, losing a $350 million team of advisors to Raymond James this week.

Brian Pick, Terri Fought and three other associates have joined Raymond James’ employee broker/dealer business, the company says in a press release.

The team is opening a new office in Williamsport, Pa., as Pick Fought Wealth Advisors of Raymond James, according to the company. Pick had been with Merrill Lynch from the start of his financial services career in 1996, according to the press release. Fought also started her career at Merrill, in 1997, Raymond James says.

The team began looking to leave Merrill Lynch about three years ago, Pick says in the press release. The choice of Raymond James was in part driven by the ability to customize things such as their website and marketing materials as well as by the firm’s planning software, he says.

That’s the third big team of Merrill Lynch advisors leaving for Raymond James this month. Last week, a $220 million duo of Merrill advisors formed the firm Lum Wealth Management at Raymond James. And two weeks ago two Merrill advisors who collectively managed $253 million joined the employee broker-dealer channel at Raymond James.

Merrill Lynch also lost a $150 million team to Janney Montgomery Scott this month. In addition, two large Merrill producers left for Morgan Stanley in February. Anonymous sources told an industry website that their move was precipitated by frustration over the firm’s earlier decision to stop offering commission-based retirement accounts to help its brokers comply with the Department of Labor’s fiduciary rule, which now faces a possible delay.