Advisers managing $300 million join Raymond James from Merrill Lynch

Advisers managing $300 million join Raymond James from Merrill Lynch
The team will move to a new Raymond James office under construction in Mt. Kisco, N.Y.
NOV 21, 2016
A group of advisers that oversees $300 million of client assets has moved to Raymond James Financial Inc. from Bank of America Merrill Lynch. Joseph DiVestea and his associates have become part of the brokerage firm's New York metro complex, according to a statement Tuesday from Raymond James. The team is temporarily located in Danbury, Conn., and will move this spring into a new Raymond James office being constructed in Mt. Kisco, N.Y. The group, now called DiVestea Wealth Partners of Raymond James, includes Mark Mezzone, Maureen Macomber and Michael Rodriguez. They've joined the St. Petersburg, Fla.-based firm's employee broker-dealer unit, Raymond James & Associates. (More: See all the latest moves in the InvestmentNews Advisers on the Move database) “Here, we have the flexibility to brand ourselves as financial planners and showcase how we can differentiate ourselves from the competition,” Mr. DiVestea said in the statement. Mr. DiVestea began his financial services career in 1990 with Lehman Brothers Holdings Inc. and then spent 17 years at Smith Barney before moving to Merrill Lynch in 2007. Mr. Mezzone, Ms. Macomber and Mr. DiVestea managed about $300 million in client assets at Merrill, according to the statement. Mr. Rodriguez recently joined the team. Raymond James Financial has about 7,100 financial advisers serving more than 2.9 million client accounts.

Latest News

Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.
Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.

In a constant fight over control of clients, the financial advice industry has a long history of such allegations and disputes.

Powering retirement for Wall Street
Powering retirement for Wall Street

Retirement fintech Vestwell has hit profitability and $200 million in annual recurring revenue, powering savings programs for 750,000 employers and Wall Street’s biggest firms

Advisor moves: LPL welcomes back RayJay advisor trio in Texas
Advisor moves: LPL welcomes back RayJay advisor trio in Texas

Meanwhile, &Partners has drawn another Wells Fargo team based in Missouri, while an experienced South Carolina advisor has returned to Cetera from LPL.

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

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