Raymond James recruits $1.3B team from Bank of America Merrill Lynch

The Jenkintown, Pa., based unit collected about $7 million in annual fees and commissions under its former employer

Mar 1, 2016 @ 1:44 pm

By Christine Idzelis

Raymond James Financial Inc. has picked up a $1.3 billion adviser team from Bank of America Merrill Lynch, as the brokerage firm seeks to continue the strong recruitment momentum it built last year.

The group, which will operate as Fernberger Fernberger Loeb Wealth Management of Raymond James out of Jenkintown, Pa., collected about $7 million in annual fees and commissions while at Merrill Lynch, according to a statement from Raymond James Tuesday.

The move shows that the St. Petersburg, Fla.-based firm is continuing its push to expand in the Northeast, Tom Galvin, the North Atlantic regional director for its traditional employee broker-dealer business, said in the statement.

Jim Fernberger, a managing director and senior vice president of investments at the new firm, declined to comment on the move. In the announcement, however, he credits Raymond James' "client-centric" culture as one reason for the switch.

“Our team has been in this business for decades and there was a feeling about the firm we found both comfortable and somewhat reminiscent of our early days at Advest,” said Mr. Fernberg, who began his career at Advest Group Inc. in 1979. Merrill Lynch bought the firm about a decade ago.

In fiscal 2015, Raymond James' private client group, which includes its employee and independent brokerage businesses, posted its second-best year for recruiting behind 2009, when banks were struggling to recover from the financial crisis, according to its annual reports.

Last year, the firm picked up a five-person Bank of America Merrill team that managed $2.9 billion in West Nyack, N.Y., its biggest win in the fourth-quarter, according to data gathered by InvestmentNews.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


The #MeToo movement and the financial advice industry

Attendees at the Women to Watch luncheon commend the #MeToo movement for raising awareness about the issue of sexual harassment and bringing women together.

Latest news & opinion

What the next market downturn means for small RIAs

Firms that have enjoyed AUM growth because of the runup in stocks may find it hard to adjust to declining revenues if the market suffers a major correction.

DOL fiduciary rule likely to live on despite appeals court loss

Future developments will hinge on whether the Labor Department continues the fight to remake the regulation its own way.

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.

Ron Carson: I'll leave Cetera if it's sold to LPL

Head of the Carson Group, who was affiliated with LPL for 28 years, tells his 48 partner firms he has no intention of returning to his old broker-dealer.


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.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print