After Dalliance with Stifel, Arizona Broker Returns to Raymond James
Some job moves just don’t work out.
Bryan Bertucci, one-third of a Scottsdale, Ariz., team that left Raymond James & Associates two months ago for Stifel, Nicolaus, has returned to his former employer, officials at the firms confirmed.
Bertucci was part of a group led by senior advisor Tom LaPorte that had been managing around $234 million at the time of their late September move to Stifel.
Bertucci did not return a call for comment on his decision to return to Raymond James, where LaPorte had worked for a time as a producing branch manager.
“I still have the utmost respect for Brian,” said LaPorte, who declined to discuss the cause of his junior colleague’s disenchantment. “When you make a change, there are always differences, and this was his first time dealing with that.”
Bertucci spent the first 13 years of his career as a mutual fund wholesaler, and switched to production as a broker in March 2011 when he joined Raymond James from Lord Abbett. He and his colleague Von Hallauer were associate vice presidents at Stifel. LaPorte, a managing director, said he receives sole credit for about 58% of the team’s book.
LaPorte earlier told AdvisorHub that his move was motivated by a desire for more syndicate deals for customers than he was getting at Raymond James, but added that he also expected to be able to transition his book more easily to his junior colleagues at Stifel when he is ready to retire.
In his 42 years as a registered representative, LaPorte has worked at seven firms, including several that merged into successors. “My clients have experienced this before,” he said, adding that about 98% of his customers with some $128 million have moved to Stifel.
David Fahey, Raymond James’ branch manager in Scottsdale, confirmed Bertucci’s homecoming but said he could not comment further. A Raymond James spokeswoman did not return a call for comment on Bertucci’s return.