Raymond James Recruits Million-Dollar Merrill Producer in Boston
Raymond James Financial has picked up a veteran Merrill Lynch broker in Boston as the Florida-based company continues its northward expansion.
Phillip Pierre Closuit, who has divided his 19-year career between UBS and Merrill Lynch until his move on Thursday, joined Ray Jay’s traditional employee channel, said a person familiar with his move who spoke on condition of anonymity. The broker produced around $1 million in the previous 12 months and was overseeing about $170 million of customers assets, the source said.
Closuit and spokespeople at Raymond James and Merrill Lynch did not return calls for comment.
Merrill and RayJay remain members of the Protocol for Broker Recruiting, which permits advisors to move relatively easy among signatory firms. Morgan Stanley and UBS Financial Services recently left the Protocol, exposing brokers who leave for other firms with client-contact information to potential litigation.
St. Petersburg, Fla.-based RayJay opened its Boston office in 2014 as part of its strategy to put down roots in the Northeast and in the Western U.S. The Boston branch added three Morgan Stanley brokers last May to bring its advisor total to six, the source said.
Raymond James has been a relatively aggressive recruiter in the past two years as Merrill, Morgan Stanley and UBS Financial Services have been cutting hiring budgets. Earlier this week, RayJay’s independent broker channel lured three Merrill advisors in Springfield, Missouri.
The trio—Dana Havens, Ryan Patterson and Delvan Mitchell—were managing $300 million in client assets and were producing around $3 million in annual revenue, Raymond James said in a news release. The team, which is operating as Affinity Wealth Partners, registered with Raymond James Financial Services on November 17, according to BrokerCheck.
“Affiliating with a broker/dealer that is first and foremost focused on its wealth management arm was important to us,” Havens said in a prepared statement that took a customary Raymond James swipe at its wirehouse competitors.
Havens and Patterson—who began their brokerage careers in 1997 and 2000 at A.G. Edwards and Morgan Stanley, respectively—had been with Merrill since 2005. Mitchell joined them at Merrill in 2007, his first job as a registered representative, according to his BrokerCheck history.
Raymond James Financial reported 7,346 brokers at the end of its 2017 fiscal year in October, with 4,305 independent contractors at its Financial Services channel and 3,041 at its Associates employee channel.
Merrill Lynch employed 14,954 registered reps within its core retail brokerage unit as of September 30.