Regional Recruiting Scramble: RBC, RayJay Add Veteran Brokers
While wirehouses are retreating from recruiting veteran brokers, regional firms appear to be active.
RBC Wealth Management-U.S. said on Wednesday that it picked up a team in Pittsburgh that was producing $1.4 million and overseeing $205 million of customer assets at Janney Montgomery Scott. Led by Bruce Georgi and Gerald Barkley, the team had been with Janney for 12 years.
In a brief interview at his new office, Georgi said that the decision to move — the first in his 32-year career — was a tough one given his long history with Janney. His great-great grandfather was a founder of Parker/Hunter, a local Pittsburgh firm that Janney bought in 2005.
“I found [RBC] is a place with a lot more technology [and] a lot better support,” said Georgi, who started his career in 1985 at Parker/Hunter.
A spokesman for Janney did not immediately return a request for comment.
Barkley, who began his career at Emmett A Larkin Co.in 2001, joined Parker/Hunter in 2004, according to BrokerCheck.
RBC has a total of 1,816 brokers at the end of June, a net increase of 28 from the prior quarter, according to a spokeswoman.
While major wirehouse firms have largely stopped or cut back on offering expensive recruiting deals to new prospects, many of the smaller firms, RBC has been making offers to top producers of as much as 250% of annual production, according to recruiters.
Raymond James Financial, which has been promoting its broker-friendly culture while keeping its recruiting deal steady at around 125% of trailing 12-month production, said Wednesday that it persuaded Chicago advisor Jack T. Bayer to move from J.P. Morgan Securities. He was managing some $230 million in client assets at the former firm.
The St. Petersburg, Fla.-based firm late last month also recruited veteran Robert W. Baird broker Rosa Ebling to its three-office Chicago complex. The offices employ about 70 advisors, according to a firm website.
Bayer, who had been part of the legacy Bear Stearns unit at JPMorgan, moved to Raymond James July 31, according to BrokerCheck. He declined to comment on his motivation for the move.
Bayer had been at Bear and its successor bank since 1985, according to his BrokerCheck history.