Chief compliance officer for Raymond James Financial Services resigns

No reason given for Donald Runkle's departure; worked at firm for 21 years

Apr 30, 2014 @ 1:35 pm

By Bruce Kelly

Raymond James Financial Services Inc. has lost its longtime chief compliance officer, Donald Runkle, who resigned at the end of last week.

Mr. Runkle had been with Raymond James Financial Services — and its prior incarnations — since 1993. With 3,279 affiliated registered reps and advisers, RJFS is the independent broker-dealer arm of Raymond James Financial Inc. It is the third largest independent broker-dealer in the industry, with $1.35 billion in 2013 revenue, according to InvestmentNews' latest survey.

Raymond James gave no explanation for Mr. Runkle's departure and Mr. Runkle did not immediately respond to an e-mail.

“The firm's policy is not to comment on associates no longer with the firm,” said RJFS president Scott Curtis in an e-mail. “Until a permanent RJFS chief compliance officer is identified, Alyssa Meyer and Jason Thackeray, both experienced directors of RJFS compliance, will act as co-CCOs. We're grateful for Don's contributions to the firm and wish him well in the future.”

Unlike many of its competitors, Raymond James has missed the lion's share of product failures that have dogged many independent broker-dealers since the credit crisis. It sold none of the disastrous and fraudulent private placements issued by Medical Capital Holdings, Provident Royalties or DBSI Inc., the legal fallout of which caused dozens of small- to mid-sized broker-dealers to close.

Raymond James Financial Services also does not sell nontraded real estate investment trusts, a product sold almost exclusively through independent broker-dealer reps and advisers. Some of the largest of those trusts packaged and sold before and during the credit crisis saw their values plummet by 30% or more after 2008, as the commercial real estate market collapsed in some regions and sectors.

State securities regulators have since increased their focus on nontraded REITs, holding broker-dealers feet to the fire over sales limits based on a percentage of a client's net worth. For example, some states have strict limits of investing no more than 10% of a client's net worth in such REITs and other alternative investments.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Advisers beware: tax law has unintended consequences

Commission accounts could be preferable for some clients, and advisers could be incentivized to move from employee broker-dealers to independent channels.

Recommended Video

Path to growth

Latest news & opinion

Morgan Stanley's wealth management fees climb to all-time high

Improvement reflect firm's shift of more clients into fee-based accounts priced on asset levels, which boosts results as markets rise.

Legislation would make it harder for investors to sue mutual funds over high fees

A plaintiff would have to state in their initial complaint why fiduciary duty was breached, and then prove the violation with 'clear and convincing evidence.'

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

Questions remain about long-term effectiveness of wirehouse's move away from recruiting experienced brokers.

Supreme Court review of SEC judges could roil pending cases

But long-term, the agency may get around questions of constitutionality by changing the way it brings on administrative law judges.

Lightyear Capital takes 50% stake in $9 billion HPM Partners

Private equity backing could fuel acquisitions by the large RIA.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print