20-Year Edward Jones Vet Opens RayJay Office in New Mexico
A broker who had spent her entire 20-year career running an Edward Jones office in Las Cruces, New Mexico, has left to open a Raymond James Financial branch in the city.
Making good on its plans to build a satellite office of its El Paso branch, Raymond James hired June Denise Herrell at the end of July within its employee channel, along with two associates, according to her team website.
“I am excited for the opportunity to bring Raymond James & Associates to southern New Mexico and throughout the southwest region of our country,” Herrell said in a prepared statement.
She did not return requests for comment about her reasons for leaving Jones after so many years or about the size of her practice. RayJay’s El Paso complex director John Kazanjian earlier told AdvisorHub that the Mexican border area is underserved by brokerage firms because it is not a notably prosperous region.
Kazanjian in June hired wirehouse veteran George Selters from Merrill Lynch to work in the El Paso branch, with a desk in Las Cruces.
Although the New Mexican city with a population of 101,800 is virgin territory for Raymond James Associates, Edward Jones boasts 11 offices in the area with 13 advisors, according to Jones websites. Herrell’s former branch remains staffed by Timothy J. Gilliam and Ernest Carlson, who each started in the industry in 2016, according to their BrokerCheck profiles.
A spokesman for St. Louis-based Edward Jones confirmed the departure but declined further comment. A spokeswoman for Raymond James did not return a request for comment.
After years of ignoring small markets dominated by Jones and other regional firms, larger broker-dealers are paying closer attention as their traditional turf in wealthier zip codes becomes saturated and their bottom lines dented by new regulations.
Merrill Lynch is rolling out a new unit devoted to such “community” markets, and is targeting Edward Jones and Raymond James, among others, as recruiting grounds for the initiative.
Other firms also have been plundering Jones. Paul Lang, left an Alpharetta, Ga., branch in June after 34 years with Jones to join Ameriprise Financial.