RayJay Recruits from J.P. Morgan in Atlanta, RBC from Wells in Conn.
The same day that Raymond James Financial CEO Paul Reilly last week was waving the flag for the firm’s broker-centric recruiting strategy that it says lets advisors leave with their client lists attached, one of its offices in suburban Atlanta opened its doors to a 12-year veteran most recently working at a local office of J.P. Morgan Securities.
Matthew Stucke joined Raymond James’ employee channel in Alpharetta last Thursday, setting up a practice he’s calling Macrocarpa Private Wealth Management with another advisor and a registered sales associate who RayJay has introduced him to, he said in a brief interview. The other adviser is Brian Arthur, who has been with Raymond James for five years after an eight-and-a-half year stint with UBS Financial Services.
Stucke, who Forbes listed last year as a “Top Next-Gen Wealth Advisor,” had joined J.P. Morgan in November 2013 with Roland Pritchett, a UBS veteran in the Atlanta area. Their partnership at J.P. Morgan fizzled in recent months, according to two sources. Prtichett did not return a call for comment.
Stucke declined to discuss his reasons for leaving J.P. Morgan, which earlier on Monday confirmed that it had hired an experienced Morgan Stanley broker, the latest in a wave of recruits it has attracted from wirehouses that recently left the Protocol for Broker Recruiting.
Stucke produced around $800,000 in the previous 12 months at J.P. Morgan, said a person familiar with practice, with perhaps 10% coming from company retirement plans.
Stucke worked for the first five years of his retail brokerage career at Edward Jones and at Wells Fargo in Fargo, North Dakota, according to his BrokerCheck history, before joining UBS in Atlanta in 2010. His business name, Macrocarpa, comes from the scientific name for the Monterey cypress tree reflecting his durable West Coast origins, he said.
Separately, RBC Wealth Management said that it recruited a team in Farmington, Conn. that was managing about $600 million in customer assets at Wells Fargo Advisors and that is led by 35-year industry veteran Joseph Troy and 23-year advisor Robert Caiaze, each of whom is a senior vice president. The pair had been with Wells since 2005, after beginning their careers in 1982 and 1995, respectively, at Advest, the former Hartford-based brokerage firm.
Joining them are former Wells advisors Adam Reed, a vice president who is the team’s third name partner and James McNair, a vice president with 24 years of experience.
“RBC Wealth Management has the size, scale and sophistication to serve the needs of our high net worth clients,” the advisors said in a prepared statement. “We were also incredibly impressed with RBC’s reputation of always putting the needs of clients first, and its well-respected leadership team.”
Reached at his new office, Troy said he was too busy trying to respond to his former Wells clients to discuss his move.
A spokeswoman for Wells confirmed the departures but declined further comment.
Their shift was announced the same day that former RBC Wealth CEO John Taft, who retired in May 2016, said he has joined the parent company of Milwaukee-based broker-dealer Robert W. Baird as a vice chairman.