RayJay Loses Duo in PA, Adds Three Brokers in NY, CT and NJ
Two Philadelphia-area brokers managing around $180 million in client assets left Raymond James & Associates on Friday to join a smaller regional firm.Michael P. McCall, who had managed the RayJay branch in Devon, Pa., and his partner Michael Connelly, joined B. Riley Financial’s wealth management unit to open its first office in Philadelphia, said Craig Pirtle, managing director at B. Riley Wealth. The two generated around $900,000 in annual revenue, Pirtle said.
McCall, a 25-year industry veteran, contacted B. Riley about eight months ago about making a move, Pirtle said.
“They were looking to go to a smaller firm, and they found us,” Pirtle said.
Six brokers remain in the Raymond James office, according to its website.
B. Riley Wealth Management has 175 brokers, around 40 of whom are independent contractors as opposed to employees, Pirtle said. That compares with almost 8,000 brokers across Raymond James’ employee and independent advisor channels.
The majority of B. Riley’s brokers arrived by way of its parent company’s purchase in 2017 of Memphis-based broker-dealer Wunderlich Securities. (B. Riley also last year bought a stake in another small broker-dealer, National Securities, from a biotech company.)
B. Riley Wealth has been offering payouts as high as 50% of revenue to brokers who generate more than $400,000 of fees and commissions annually, Pirtle said. He asserted that most large firms would offer payouts in the high 30s, varying according to product mix, at the $400,000 level.
McCall started his career at Lehman Brothers in 1993 and worked at Smith Barney, Bear Stearns, Advest, Ferris Baker Watts and RBC before joining Raymond James in 2012, according to his BrokerCheck history. Connelly spent his 36-year career at regional firms, starting with A.G. Edwards in 1982, according to BrokerCheck. He moved to Janney Montgomery Scott in 1994 and worked there for 12 years before joining Ferris, Baker Watts in 2006 and RBC in 2009.
RayJay, which is based in St. Petersburg, Florida, said on Thursday that it hired three brokers from UBS and Merrill Lynch in March to help its expansion into the northeastern U.S.
The largest producer it hired was Dominick DiBona, who left UBS Wealth Management USA in Garden City, New York, where he managed some $190 million in client assets, according to Raymond James. (According to an internal UBS list viewed by AdvisorHub, DiBona was managing $166 million in client assets, and had moved $65 million to Raymond James as of late April.) DiBona, who began his registered rep career in 1987 at Prudential Securities and joined UBS in 2008, did not return a call for comment.
In New Haven, Connecticut, William C. Miller joined Raymond James after managing $160 million in client assets at Merrill Lynch, according to the RayJay press release.
Miller, who moved to Raymond James on March 22, joined Merrill in 2008 from UBS, according to his BrokerCheck history. He started his career at Painewebber Inc. and also worked at Prudential Securities before returning to UBS in 2001, one year after it acquired PaineWebber.
In New Jersey, Leonard ‘L.J.’ Boniface joined Raymond James after spending his 15-year career with Merrill Lynch in the city of Wayne. He was managing $137 million in client assets and has moved to RayJay’s Morristown branch, the company said.