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Raymond James Grabs Another Wirehouse Team

March 17, 2017

Another team of Merrill Lynch financial advisors has jumped to Raymond James.

David Lum and Michael Piazza come on board as Lum Wealth Management, according to Raymond James.

Lum had been with Merrill since 1999, according to his LinkedIn profile, which still lists him as part of Merrill. He’s been a financial advisor since 1988, according to Raymond James. Lum’s clients are primarily successful professionals and affluent retirees, and his practice has an emphasis on estate planning, according to the firm.

Piazza, meanwhile, began his career with Merrill Lynch as an intern in 2010, after a seven-year stint as a professional baseball player for the Los Angeles Angels of Anaheim and the Colorado Rockies. He is a distant cousin of the former New York Mets catcher, a Raymond James spokeswoman tells InvestmentNews. Lum and Piazza managed $220 million at Merrill Lynch, the publication writes.

This is the second major team to leave Merrill Lynch for Raymond James this month. Last week, two advisors who collectively oversaw $253 million at Merrill joined Raymond James’ employee broker-dealer channel. The firm, which was a top recruiter in the last two quarters of 2016, also hired three financial advisors from Morgan Stanley this month. Those brokers managed $144 million.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here if you have a paid subscription.