Raymond James welcomes $200M Wells Fargo advisor

Raymond James has extended its reach further in Michigan as it welcomes an advisor formerly with Wells Fargo into its employee advisor unit.

On Tuesday, Raymond James announced the addition of financial advisor Michael Dempsey to its Raymond James & Associates branch in Farmington Hills, Michigan.

Dempsey transitions from Wells Fargo Advisors, where he oversaw more than $200 million in client assets. He is joined by senior registered client service associate Lorraine Lalicata.

Together, Dempsey and Lalicata will be operating as Dempsey Wealth Management of Raymond James, which will be under the leadership of branch manager Alp Onder.

According to his BrokerCheck profile with Finra, Dempsey has been registered in the industry for 13 years. He was with Wells Fargo for almost the entirety of that time.

Dempsey caters to a fairly diverse cross-section of clientele in the retail wealth space. His broad client base includes business owners, corporate executives, families, and individuals, particularly those preparing for retirement or already retired.

“In today's landscape, clients demand more than just investment management from their advisors,” Dempsey, who’s stepping into Raymond James’s employee advisor division as a managing director, said in a statement.

“They seek comprehensive solutions for their complex financial needs and a meaningful, purpose-driven approach to financial planning,” he said.

The move to Raymond James provides Dempsey and his team with a robust selection of products and services.

“By aligning with Raymond James, we’ve gained access to an exceptional array of products, state-of-the-art technology and high-quality service,” he said.

Remarking on the professional culture at Raymond James, Dempsey said his team was also “particularly attracted to the firm’s conservative philosophy and unwavering commitment to strong ethical standards.”

With the news in Michigan, Raymond James has extended its recruitment record in June to include six advisors. Last week alone, it added five advisors, including two who joined its employee advisor channel in Alaska and a trio who hopped to Raymond James Financial Services, the firm’s independent advisor arm.