Raymond James recruits three advisers managing $441 million in assets from Merrill Lynch

Raymond James recruited three financial advisers in Burlington, Vt., with nearly half a billion dollars in assets under management from Merrill Lynch, the firm announced on Monday. George D. Ewins Jr., Richard J. Kowalski and Theresa Swett managed more than $441 million in assets and had annual production of more than $1.8 million, according to the announcement. Raymond James has gained the most assets under management — $9.47 billion — through adviser recruitment of any financial firm in the third quarter, according to InvestmentNews Adviser on the Move statistics. The team will set up shop in Burlington as Ewins, Kowalski & Swett Wealth Management of Raymond James. The staff also will include Faith Galusha as senior client service associate. As the team departed, it took a shot at Merrill Lynch. “When changes occurred that prevented us from doing our best work for clients, we chose not to accept the status quo,” Mr. Ewins, senior vice president of investments, said in a statement in the Raymond James news release. “[W]e realize now that things are not 'the same everywhere,' as we had been told. Raymond James is different and, yes, better. The client is back at the center of things. We have a lot more support. The business is exciting and fun again.” Merrill Lynch spokeswoman Susan Atran declined to comment. Mr. Ewins, who had been with Merrill Lynch since 1993 and joined his father's Merrill practice in Burlington in 1995, was not available to elaborate on his statement. Mr. Ewins' father retired in 2001. Mr. Kowalski, senior vice president of investments, and Ms. Swett, financial adviser and business manager, also had long tenures with Merrill Lynch. He began working in the firm's Burlington office in 1989 and 10 years later joined the Ewins' operation. She joined Merrill Lynch in 1992 and has been working with Mr. Ewins since 2012. Mr. Kowalski described the firm's clients as “high net worth families, business owners and professionals” in the prepared statement.