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Wells Fargo and Morgan Stanley Lose More Reps to This Rival

By Alex Padalka December 28, 2018

Raymond James isn’t slowing down its already aggressive recruiting as 2018 comes to a close. Last week the firm nabbed more advisors from Morgan Stanley and Wells Fargo, Raymond James says.

In Seattle, Wash., Jonathan Palmer and Alexander Moore join Raymond James & Associates, the firm’s traditional employee broker-dealer, as Palmer & Moore Financial Group of Raymond James, according to a press release from Raymond James.

They bring along senior registered client service representative Janet Lee, the company says. The team previously oversaw $145 million at Wells Fargo Advisors, according to the press release. Both Palmer and Moore began their financial advice careers at Wells Fargo in 2011, according to BrokerCheck.

“When we met with the firm’s senior leadership, we were impressed by the culture Raymond James has built, particularly in the Seattle area,” Palmer, first vice president of wealth management, says in the press release. “The advanced technology offerings and expanded solutions for high net worth clients were also a great fit for our practice.”

Wells Fargo has shed more than 1,000 registered representatives since 2016, when reports surfaced that employees in its retail banking unit opened millions of bogus accounts. The wealth management unit has been under investigation by the SEC and the Justice Department for most of 2018, and a recent report by Yahoo Finance suggests that aggressive sales targets in the unit may have caused advisors to not act in the clients’ best interests.

Raymond James also lured Patricia Sans and Seraphim "Sam" Rine to RJA last week, the company says in another press release.

The pair operate as the Intracoastal Group of Raymond James and previously managed $170 million at Morgan Stanley, Raymond James says. Sans has been in the financial planning industry since 1983 and Rine since 2001, according to the press release.

“The home office visit was a turning point in our decision to join Raymond James,” Sans, senior vice president of investments, says in the press release. “Going to the office, meeting some of the executives and having them ask us questions about our business really solidified the culture. I could see that my clients would be just as important to the firm as they are to me.”

Raymond James has had a year filled with recruiting successes, poaching advisors from various rivals. This month, the company also nabbed representatives from LPL Financial and also from Merrill Lynch.

But Raymond James isn’t immune to advisors jumping ship, losing several advisors to Stifel Financial over the past few weeks.