Raymond James swipes another billion-dollar advisor from Merrill

Raymond James has extended its presence further in the Lone Star State as another Merrill advisor joins its ranks.

On Thursday, the firm announced it has added financial advisor Melinda Johnston to its Raymond James & Associates office in Fort Worth, Texas.

Johnston, who previously managed more than $1.3 billion in client assets at Merrill Lynch, joins the firm alongside her team as part of M2J Wealth Management Group of Raymond James.

The group has earned recognition among other best-in-state wealth management teams recognized by Forbes.

Overseen by branch managers Cooper Mickle and Christopher Beavers, they will serve a diverse range of clients, including business owners, corporate executives, family offices, and individuals. Johnston is joined by practice manager Kristin Stanley, investment portfolio associate Nick Olivarri, and senior client service associate Judy Frank.

In a statement, the breakaway advisor from Merrill said her team was attracted to Raymond James’ dual but complementary focuses on client service and advisor independence, which she said "aligns with our long-term goals."

"This balance of flexibility and client focus makes the firm a great fit for our team, and we look forward to growing alongside a partner that shares these key values,” said Johnston, who boasts approximately four decades of experience in the industry.

She started her career at Prudential in 1984, where she later got her start as a registered broker in 1986, according to her BrokerCheck record. From there she built up a 21-year tenure at UBS Financial before transitioning to Merrill in 2016.

“We are pleased to welcome Melinda and her team to Raymond James,” said Edward Sudzina, Western Gulf regional director for RJA. "Attracting dedicated and talented advisors who embody our commitment to client service is a top priority."

Raymond James' recruitment move in Texas comes straight after another billion-dollar team from Merrill moved to join RJA in Williamsville, New York.

Those additions have come amid a pivotal period at RayJay. In March, it announced a raft of changes would be happening at the upper echelons of its leadership in October, including the retirement of COO Jeff Dowdle and the elevation of RJA CEO Tash Elwyn to president of it Raymond James' private client group. Those changes fit into a broader strategy of orderly succession leading up to Raymond James Financial CEO Paul Reilly's retirement next year.

The firm ended its 2023-2024 fiscal year on a high note, pulling in revenue totaling $3.46 billion in the fourth quarter ended September 30. For the full fiscal year, net revenue hit a record $12.8 billion, including record annual net revenue of $9.46 billion within its private client group.