MK deal closed — and the rejiggering starts at Raymond James

MK deal closed — and the rejiggering starts at Raymond James
Just a week since the acquisition was finalized, RJ announces appointments and promotions
DEC 10, 2012
Morgan Keegan executives Dick Ferguson and Bill Geary will head up the Southern division of Raymond James' private-client group. The appointment of the two veterans is part of a realignment of the firm's operating divisions as Raymond James & Associates Inc. integrates the more than 1,000 Morgan Keegan & Co. Inc. financial advisers and the dozens of branch managers and senior executives that have joined the firm. The merger of the two brokerages closed April 2. “Our new structure reflects a balanced leadership team from both Raymond James and Morgan Keegan,” said Tash Elwyn, who was appointed president of Raymond James' private-client group last November. “Our intent is to maintain and preserve the Raymond James culture while integrating Morgan Keegan into the firm.” Mr. Elwyn was formerly director of the Atlantic division, which has been renamed the Southern division. About 60% of Morgan Keegan advisers will practice in the division. Mr. Ferguson and Mr. Geary will oversee three regional directors in the division, all of whom also came from Morgan Keegan. The other Morgan Keegan executive appointment announced today was that of Tommy Orr, regional director for the Southwestern division — formerly the Texas division. Mr. Orr will continue to manage Morgan Keegan's Houston office and, under divisional director Pat Allison, help oversee all other branches in the division. Two Raymond James complex managers were promoted to the regional director level. Tom Walrond, who runs the firm's Philadelphia complex, and Tom Galvin, who oversees Jacksonville, Fla., will report to Eastern division director Ira Federer. The firm also announced the appointment of Erik Fruland as chief operating officer of the private-client group. A 20-year veteran at Raymond James, Mr. Fruland was formerly vice president of asset management services at the firm. “Erik has phenomenal relationships with our branch managers and advisers,” Mr. Elwyn said. “I couldn't be more thrilled with our team.” Raymond James has retained all of Morgan Keegan's senior management team, as well as all the firm's branch managers. It offered retention packages to Morgan Keegan advisers with more than $300,000 in production, and more than 95% of those advisers have accepted the offer, according to the firm. The accounts of Morgan Keegan clients will be converted to the Raymond James platform early next year. “Morgan Keegan financial advisers will continue to utilize their existing platform and, for the most part, will still have the same familiar management structure,” Mr. Elwyn said.

Latest News

As layoffs commence, Commonwealth’s digital guru jumps ship
As layoffs commence, Commonwealth’s digital guru jumps ship

Christopher Blotto moved this month to Janney Montgomery Scott.

Fintech bytes: Advyzon lays claim to new category with 'all-in AI' launch
Fintech bytes: Advyzon lays claim to new category with 'all-in AI' launch

Finturk also added new form-filling and cash sweep tools to its AI-first CRM platform, while Zeplyn builds advisor coaching into its own AI operating system

There’s no advisor playbook for family succession feuds, but these skills help: UBS
There’s no advisor playbook for family succession feuds, but these skills help: UBS

“Ultimately, you just try to embrace collaboration,” said Greg Merrill of UBS.

NorthRock widens Minneapolis reach with Kowalski Financial deal
NorthRock widens Minneapolis reach with Kowalski Financial deal

Building on its Personal Office platform, NorthRock Partners' latest transaction brings more than $200 million in assets under management and five employees to the growing RIA.

Osaic deepens RISR partnership as advisors race to serve aging business owners
Osaic deepens RISR partnership as advisors race to serve aging business owners

Expanded deal pairs succession-planning software with a broker-dealer network already logging rapid AI adoption among 11,000 advisors.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income