Raymond James bolsters recruiting staff

Raymond James Financial Services Inc. is adding major clout to its recruiting effort, recently bringing on half a dozen recruiters, including two top executives from rival independent-contractor firms.
The additions give Raymond James Financial Services a reach it has never had before, said William C. Van Law III, senior vice president and national director of business development.
The firm began revamping its recruiting effort last September with the hiring of Mr. Van Law from Raymond James & Associates Inc., its employee broker-dealer affiliate.
“This has been an exhaustive effort of reaching for the very best talent in the industry,” he said.
The firm now has 15 full-time recruiters across the country.
In the past, recruiters were based at its St. Petersburg, Fla., headquarters.
Many independent-contractor broker-dealers over the past couple of years have eschewed that model and have begun using regional recruiters.
Raymond James Financial Services has seen its head count of registered representatives and advisers slip recently — to the displeasure of Thomas James, chairman and chief executive of parent Raymond James Financial Inc.
The firm has recently gotten tougher on compliance, as well as raising minimum production requirements for advisers and branches, and those moves have forced some brokers out the door, executives have said.
In fiscal 2006, the firm had gross revenues of $890 million, an increase of 7.4% over the level in the prior fiscal year.
It has more than 3,400 reps and advisers.
The new hires span the styles of firms in the brokerage industry.
Two come from direct competitors: LPL Financial Services of San Diego and Boston, and Royal Alliance Associates Inc. of New York, respectively; two from wirehouse firms; one from Ameriprise Financial Services Inc. and one from a sister firm.