Raymond James Financial Services Inc. is adding major clout to its recruiting effort, bringing on board half a dozen recruiters, including two top executives from rival independent-contractor firms, investmentnews.com reported Friday.
NEW YORK — Raymond James Financial Services Inc. is adding major clout to its recruiting effort, bringing on board half a dozen recruiters, including two top executives from rival independent-contractor firms, investmentnews.com reported Friday.
The additions give Raymond James Financial Services a reach it never has had before, said William C. Van Law III, senior vice president and national director of business development.
The firm began revamping its recruiting effort last September with the hiring of Mr. Van Law from Raymond James & Associates Inc., its employee broker-dealer affiliate.
“This has been an exhaustive effort of reaching for the very best talent in the industry,” he said.
The firm now has 15 full-time recruiters across the country. In the past, recruiters were based at its St. Petersburg, Fla., headquarters. Many independent-contractor broker-dealers over the past couple of years have eschewed that model and have begun using regional recruiters.
The latest hires are part of a continuing effort. In January, the firm hired four recruiters. Although there are no immediate plans to hire more, Mr. Van Law said, the firm probably will make additions.
Raymond James Financial Services has seen its head count of registered representatives and advisers slip recently — to the displeasure of Thomas James, chairman and chief executive of parent Raymond James Financial Inc. (InvestmentNews, May 7). The firm recently has gotten tougher on compliance, as well as raising minimum production requirements for advisers and branches, and those moves have forced some brokers out the door, executives have said.
In fiscal 2006, the firm had gross revenue of $890 million, an increase of 7.4% over the level in the prior fiscal year. It has more than 3,400 reps and advisers.
Winning praise
One outside recruiter who worked on two of the hires said he likes Raymond James Financial Services’ latest moves. The firm “has gone through its problems, but most brokers are happy, and Van Law has attracted some strong recruiting talent,” said Justin Sladavic, an executive recruiter with Cross-Search, an executive and adviser recruiting firm based in Jamul, Calif.
The new hires span the style of firms in the brokerage industry, with two, Ed Rodriguez and Jeff Drejza, coming from direct competitors: LPL Financial Services of San Diego and Boston, and Royal Alliance Associates Inc. of New York, respectively, two from wirehouse firms, one from Ameriprise Financial Services Inc. and one from a sister firm.
Both Mr. Rodriguez and Mr. Drejza are top recruiters, Mr. Van Law said. Mr. Rodriguez, who will be based in San Diego, recruited 150 advisers with combined gross revenue of more than $30 million while at LPL.
Meanwhile, Mr. Drejza, who recruited more than 200 advisers with a combined $21 million in fees and commissions in 2005 for Royal Alliance, will be based in Birmingham, Mich.
Michael Chu, formerly a vice president and overseeing branch manager in southern Ohio with Morgan Stanley of New York, now will be based in Seattle. Christian Williams, formerly in charge of the retail-sales group in North Carolina for UBS Financial Services Inc. of New York, will be based in Charlotte, N.C.
John Schoppe, formerly a field vice president with Minneapolis-based Ameriprise, will work out of Boca Raton, Fla., and also will cover the Northeast.
Rounding out the six new recruiters is Donna Loufman, a 21-year company veteran, who most recently was vice president and assistant manager of retail taxable fixed income for Raymond James & Associates.
Mr. Van Law said that his plan is not “growth for growth’s sake.” Recruiting, he said, “is not about bodies; it’s about quality advisers.”
