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Raymond James Nabs $300M Merrill Lynch Team

January 5, 2018

Raymond James continues picking off advisors from rival Merrill Lynch, most recently bringing on three reps collectively overseeing $300 million in Missouri, ThinkAdvisor writes.

Dana Havens, Ryan Patterson and Delvan Mitchell Jr. join the Springfield,Mo., office of Raymond James Financial Services, the firm’s independent broker-dealer, according to the publication. The team opted to jump ship because of “the power of independence at Raymond James,”Havens says in a statement cited by ThinkAdvisor. She’s been in the industry for two decades and with Merrill Lynch since 2005. Patterson has been an advisor since 1999 and with Merrill Lynch since 2005, while Mitchell has more than a decade in the industry, according to ThinkAdvisor.

At the end of last year, Merrill Lynch also lost a $262 million team to Raymond James Financial Services and a $113 million advisor to Raymond James & Associates, the firm’s traditional employee broker-dealer.

Separately, Qualified Plan Advisors has acquired the retirement plan practice of Ascende Wealth Advisers Inc., a division of EPIC Insurance Brokers and Consultants, according to a press release from QPA. The deal with bring on $4 billion in assets under advisement to the firm and establish QPA’s West Coast presence with an office in California, the company says.

In addition, Hanson McClain Advisors is merging with Simply Money Advisors, according to a press release from Hanson. The combined firm will manage an estimated $3.3 billion for more than 6,200 clients across the West Coast, Rocky Mountain, and the Midwest, the company says. The deal is Hanson McClain’s first step toward planned geographic expansion following the partnership announced this summer with private equity firm Parthenon Capital Partners, according to the press release.

By Alex Padalka
  • To read the ThinkAdvisor article cited in this story, click here.