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Industry Spotlight > Broker Dealers

Raymond James Picks Up $3B Cetera-Affiliated Advisor Team

By Jeff Berman

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Raymond James recruited a team of Cetera Investment Services-affiliated advisors managing about $3 billion in business and individual client assets to its Financial Institutions Division, Raymond James said Monday.

The team includes 50 financial professionals in all from Columbia Wealth Advisors, located at Umpqua Bank, headquartered in Lake Oswego, Oregon, with a total of about $50 billion in client assets, it says.

In addition to Oregon, Umpqua Bank has offices in Arizona, California, Colorado, Idaho, Nevada, Utah and Washington, Raymond James said in a news release.

Cetera didn’t immediately respond to a request for comment Thursday about losing the $3 billion team.

Through the new alignment, the advisor team will offer its clients investment and wealth management services through Raymond James Financial Services.

The advisor team includes Rhonda Arnett, Brooke Baker, Shane Boehm, Harold Boucher, Sean Breen, John Brunk, Kurt Chase, Carleen Dunagan, Devon Dunagan, Jacob Dusek, Tom Godwin, Patrick Hale, Drew Henrickson, Michael Henson, Ken Hughie, Amy Jamison, Rilee Johnson, Will Moran, Jennifer Morehouse, Diana Ortiz, Bob Reineke, Nori Roman, Jeff Schlenker, Adriane Shaw, Jane Sobottka, Josh Sternberg and Edward Ventham.

They are being joined by Debora Dinehart, a legacy and risk consultant, and Merry Dooley, a wealth planning manager.

“When we began our due diligence process, we had a primary focus: find an ideal partner for our team,” Stephen Poole, senior vice president and managing director of CWA, said in a statement.

“We needed a client-focused partner with the technical skills and resources available so we could be confident that neither the team nor our clients’ needs would ever outgrow the relationship,” he added.

“Thinking very long term for both our clients and the team, for Columbia Wealth Advisors, there was a clear front runner in Raymond James, and I personally cannot wait for our team and our clients to see the benefits of this new partnership,” Poole said.

Raymond James, which announced a regional reorganization of its Raymond James & Associates employee advisor channel in July, has recruited advisors from various rivals this year, including Summit Financial Group in August, Morgan Stanley in May and UBS in February.

The Financial Institutions Division was started by Raymond James in 1987 to provide banks and credit unions with an alternative to traditional third-party investment providers.

Raymond James Financial now has about 8,700 advisors throughout the United States, Canada and overseas, with total client assets of about $1.3 trillion as of Aug. 31, it said.

Pictured: Raymond James’ headquarters in St. Petersburg, Florida.

Jeff Berman

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