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The story behind how Raymond James won two big teams from LPL and Wells Fargo in the past couple of weeks

When the mid-sized Florida broker-custodian takes on bigger giants, it plays the little-guy card

Author Lisa Shidler January 7, 2014 at 8:47 PM
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Raymond James recruited Becky Wiles, Terry Wiles, Heather Monzote, Ryan Smith and two hound puppies, Maia and Sky, in December.

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Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

Raymond James Financial Inc.
Asset Custodian
Top Executive: Bill Van Law

Diamond Consultants
Recruiter
Top Executive: Mindy Diamond




John

John

January 8, 2014 — 4:01 PM

It does not seem to me that advisors are going independent when they leave one regional and join another. They are still exposed to conflicts of interest with regard to product. If these advisors are heavily fee based to move to a truly independent custodian (Schwab, Fidelity, TD or Pershing) and affiliate with a friendly BD reduces conflict and reduces cost dramatically. These reductions can be passed onto the client or kept by the advisor which at the end of the day is the value of “true” independence.

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