Raymond James Veteran in Michigan Joins Janney
Matthew Buikema, who spent half of his 34-year brokerage career at Raymond James Financial, has decamped to open a branch in Michigan for Janney Montgomery Scott.
The announcement comes as the two regional firms have been expanding from their geographic roots, and recruiting primarily from other often larger competitors.
Janney has been branching from its Philadelphia headquarters northward and southward since appointing a new recruiting director two years ago, while St. Petersburg, Florida-based Raymond James has been steadily moving up the East Coast and across the U.S. to California through acquisitions and new hires.
With Buikema, who with his team of two other advisors were managing $200 million in client assets, according to Janney, the firm gains a new Midwestern outpost. He will be its producing branch manager in Battle Creek, while his colleagues Michael Oursler and Travis Morse will be assistant branch managers. The team produced about $2 million in the previous 12 months, said a person familiar with the practice.
Buikema did not return a request for comment about his reasons for leaving Raymond James’ core branch system (as opposed to its independent broker channel) for the much smaller Janney.
“I’m proud to be joining a firm that’s committed to providing my team with technology and tools that will enhance the way we serve our clients,” he said in a prepared statement.
Raymond James ended 2017 with 7,537 brokers, up 6% from the end of 2016. Janney, which is owned by the Penn Mutual Life Insurance Company, has “over 750 financial advisors,” according to its website.
Buikema started his career at First Michigan Corp. in 1983, according to BrokerCheck, and moved in 1991 to Prudential Securities for a 10-year stint before migrating to Raymond James. Oursler, who has been a registered rep for 15 years, joined Raymond James in 2004 from Princor Financial Services. Morse has spent his entire brokerage career at Raymond James, registering with the firm in 2005.
Separately, Raymond James confirmed on Tuesday that it has hired Phil Closuit, a million-dollar Merrill producer in Boston. AdvisorHub reported the move in early January.
Raymond James has been particularly successful in attracting brokers from so-called wirehouse firms, but Morgan Stanley and UBS Financial Services’ recent exit from the Protocol for Broker Recruiting may have slowed down its efforts. Raymond James CEO Paul Reilly told analysts in January that the Prexit decisions may retard its hiring efforts but will not stop them.