Raymond James Grabs Father-And-Son Team From Merrill Lynch

Thursday, August 18, 2011 07:35
Raymond James Grabs Father-And-Son Team From Merrill Lynch

Tags: breakaway brokers

Merrill Lynch has lost a Tallahassee advisor team with $114 million in AUM to Raymond James. Not a blockbuster shift, but it reveals a few things about the state of affairs at Merrill these days.

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For one thing, Merrill's prospect-facing "find an advisor" database is currently broken, so I can't tell how many other reps the wirehouse has covering Tallahassee.


(Try giving the database your ZIP code. Let's see how long it stays down before they notice.)


For another, the breakaway trend continues at all levels of the industry. Bob and Wyatt Brooks had been at Merrill for 19 and 13 years, respectively, building a $114 million book in the process.


They're making the jump to Raymond James because they wanted more for their clients. They picked the firm because they like the culture -- "it just feels very comfortable being here."


They're a little bigger than average for their new firm, where the typical advisor runs about $52 million in client assets.








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