"The decreased bureaucracy, promotion of autonomy, and the non-existence of a bank pressuring me to cross-sell their products were all attractive features of how Raymond James does business," said Ariel Bobroff in a press release about his move.
Brokers at Merrill Lynch and other wirehouses have complained in the past about having to cross-sell products, citing it as a major reason to break away.
Bobroff has been in wealth management for almost 20 years. He began his career in 2001 with a seven-year stint at UBS before moving to Merrill Lynch, Pierce, Fenner and Smith in 2008.
“Raymond James offers what few other firms offer their advisors – independence,” said Bobroff. “It had become obvious to me over the last several years that I had come to a philosophical crossroads with my prior firm ... My ultimate goal was finding a firm that supported my vision, and I believe I found that in Raymond James."
Bobroff, who at Merrill helped manage over $600 million in client assets, is joining a Raymond James & Associates office in Beverly Hills managed by Andy Waldbaum as part of the Los Angeles Complex.
Raymond James says Bobroff will provide tailored wealth management strategies for families, business owners and retirees. His experience lies in multigenerational wealth planning, investment management, asset allocation and capital markets, the company says.
Raymond James added 42 advisors in the three months ending in June and another 107 in the quarter ending in September, bringing its advisor ranks to 8,011.