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Merrill Lynch and Wells Fargo Lose Reps to Raymond James

By Alex Padalka February 26, 2018

Raymond James continues luring financial advisors from wirehouses, most recently adding several reps from Wells Fargo Advisors and Merrill Lynch.

Alan Raffer, Sherry Birnbaum and Jeremy Raffer, who previously oversaw $170 million at Wells Fargo, have joined the Paramus, N.J., office of Steward Partners Global Advisory, the employee-owned independent partnership associated with Raymond James Financial Services, Steward Partners says in a press release. Birnbaum says in the press release the team was attracted to the firm culture at Steward as well as the ability to have equity ownership.

Separately, Matthew Mossburg has joined Raymond James in El Paso, Texas, from Merrill Lynch, according to an announcement. Mossburg had been with Merrill Lynch for more than five years.

Raymond James has consistently attracted financial advisors from its wirehouse rivals in recent months. The recent hires in New Jersey are at least the second Wells Fargo team to join Steward Partners year to date: last month, a trio of reps collectively overseeing $230 million ditched Wells Fargo to join Steward Partners.

Meanwhile, just in the last few weeks, two teams of Merrill Lynch reps collectively managing $562 million joinedRaymond James FinancialServices, the firm’s independent broker-dealer, and a rep managing $113 million jumped ship to Raymond James & Associates, the firm’s traditional employee broker-dealer. Earlier this month, UBS lost an advisor managing $200 million to Alex.Brown, a division of Raymond James. And at the end of December, Morgan Stanley lost a father-daughter team of advisors overseeing $180 million to Raymond James & Associates.