Raymond James picks up RIAs

Raymond James’ custody unit has picked up four new RIA firms with more than $400 million in assets. Last week, Deborah Stauring of Winthrop Financial Inc., which has $160 million in assets, and Michael Pratt of Pratt Collard Advisory Partners LLC, which has $108 million, joined Raymond James Financial Services Inc’s investment adviser division. Both firms are based in Buffalo, N.Y. The principals come from Harold C. Brown & Co. LLC, an 80-year-old brokerage firm that will be closing its doors at year-end. Earlier this month, two other advisers also joined the Raymond James custody platform. Steven Elefson of Viking Wealth Advisors, which has $92 million in assets, joined Raymond James from Ameriprise Financial Inc. And Michael Weber of Research & Portfolio Management, formerly affiliated with Cantella & Co. Inc., set up a new RIA shop with $50 million under management. Brown & Co. had seven owners and five teams, Ms. Stauring said, each doing its own style of business. The Brown principals finally decided the company had grown too big and diverse to be managed effectively, she said. Each group had its own client base, she added, so the split-up at year-end will be amicable. Ms. Stauring’s group provides fee-based individual stock and bond management, and some planning services. For Raymond James, the additions made December the best recruiting month ever for its custody unit, said Mike DiGirolamo, head of the investment adviser division. He expects next quarter to be strong, as well. “More people are looking [at their options] because retention packages and bonuses are burning off” early next year, he said.