RayJay Lands Baird Vet in Chicago, Wells/Pru Lifers in Rochester
The grid payout cuts that Raymond James announced to the 3,000 brokers in its employee channel last month did not deter two veteran groups from leaving their long-time homes at regional rivals in late July to join the Florida-based firm.
In Chicago, Rosa M. Ebling set up shop at Raymond James & Associates’ downtown branch on July 27 after nine years in the WIndy City with Robert W. Baird and 24 years before that at William Blair & Co.
Ebling runs a one-woman practice that generated $850,000-$900,000 of revenue primarily from fee-based accounts in the previous 12 months, said two people familiar with her business who spoke on condition of anonymity. Her move was motivated primarily by a search for a broader range of privately managed account managers than she was getting at Baird, one person said.
Ebling, whose BrokerCheck history says she has been a registered representative since 1983, confirmed her previously unpublicized arrival at Raymond James but said she could not immediately comment further.
A Baird spokeswoman said she could not immediately comment.
Separately, Raymond James & Associates last week said that it hired a team of three brokers in Rochester, N.Y., led by Keith Bock, who has been a broker for 35 years with Wells Fargo Advisors and its predecessor firm Prudential Securities, Inc.
Together with brokers Mark O. Downey II and Jason Peterson, the team generated around $2 million of trailing 12-month production and oversaw about $300 million of client assets at Wells, according to Raymond James.
Like Bock, Downey had been with Prudential and Wells for his entire career, having joined the former firm in December 1993, according to his BrokerCheck history. Peterson began his career as a trainee at Merrill Lynch in 2004, but has been with Wells since 2005, Raymond James said
The firm continued to throw digs at its wirehouse competitors by allowing Bock to say in a prepared statement that he had grown disenchanted with Wells Fargo’s parent bank-dominated environment.
“I’ve been in this business nearly four decades, and over the years, as the names on the door changed, so did the culture,” Bock said. “When we visited Raymond James it felt like the old days again.”
Raymond James has been aggressively expanding out of its southeastern region, with a recruiting pitch focusing on its broker-centric culture that is far friendlier than those of big firms.
In the prepared statement, Bock also nodded to Raymond James & Associates’ Rochester branch manager, Jeff Wolk, who he said he has known “for years.” Wolk began his brokerage career 29 years ago at Prudential Securities, according to his BrokerCheck history.