Raymond James has recruited two wirehouse advisor teams that previously managed a combined $840 million in client assets, as part of its continued expansion across both its independent and employee channels.
In Salt Lake City, Jim Phillips and Aaron Phillips have joined Raymond James Financial Services, the firm’s independent advisor division. Their team operates as Cottonwood Capital Management and includes client service associates Jordan Fletcher and Nicole Klekas. The practice serves a range of clients, including business owners, nonprofit organizations, and corporations.
The Phillips team was previously with Morgan Stanley, where they oversaw nearly $500 million in client assets. Jim Phillips, who founded the practice, has more than 30 years of experience and had been with Morgan Stanley and predecessor firms since 2003. Aaron Phillips, his son and co-founder, worked for the US Department of Treasury before joining the practice in 2015.
Since completing its long-announced CEO succession plan, which saw Paul Reilly replaced in the chief executive role by Paul Shoukry in February, Raymond James has been hard at work to enhance its appeal as a destination for indie advisors.
In March, the firm welcomed Ronice Barlow, a veteran leader from Franklin Templeton, to take charge as the first-ever COO of its independent contractor division. More recently last month, it unveiled a new in-house recruiting service designed to help its independent advisors fill talent gaps within their teams, shortly after which it revealed a new equity financing option for independent financial advisors to gain access to capital without ceding control of their practices.
Meanwhile in New Orleans, a four-person advisor team formerly with UBS Financial Services has joined Raymond James & Associates, RayJay's employee channel. The team now operates as Novak Cancienne Tresca & Kungel Wealth Management of Raymond James. Advisors Gene Novak, David Cancienne, Kerry Kungel and Travis Tresca bring a combined decades-long history in wealth management, supported by senior registered client service associate Marlene Messa.
Together, they managed approximately $340 million in assets at UBS. Their client base includes individuals, business owners, corporate retirement plans and those nearing retirement.
The most seasoned veteran on the team, Gene Novak began his career in 1982 and spent over three decades with Wells Fargo before joining UBS. Cancienne, most recently first vice president of wealth management, brings 32 years of industry experience. Kungel and Tresca had been with UBS for 18 and 13 years, respectively.
Raymond James' addition in the Deep South reflects a continuing trend of attrition at UBS, which has struggled to retain advisors following its consequential decision to alter the way it compensates advisors late last year. The fallout has been swift and clear, with defectors taking off for rival firms and platforms including LPL, RBC, and most recently, Elevation Point.
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