Raymond James continued recruiting Commonwealth Monetary Community this week, including two advisors in Illinois and New Jersey with mixed belongings below administration of just about $400 million.
The Raymond James Monetary Establishments Division (FID) mentioned Monday that First Nationwide Financial institution of Sparta (FNBS) chosen FID to assist the financial institution’s funding program, Patton Wealth Administration (PWM). Sparta, Sick.-based PWM is led by monetary advisor Brian Patton, who manages about $261 million.
The subsequent day, Raymond James mentioned it lured advisor Michael J. Salerno to RJFS, the agency’s unbiased advisor channel. Salerno managed about $125 million at Commonwealth and leads government wealth and retirement methods for the agency in Flemington, N.J., the place he makes a speciality of private retirement planning for company executives and enterprise homeowners, in line with the discharge.
At PWM, department professionals Pam Burns and Becky Ohms work with Patton, who has greater than three a long time of expertise within the monetary companies business, starting his profession on the Heitner Company and changing into an advisor with Funding Facilities of America in Sparta. He based PWM in 2017, the start of his affiliation with Commonwealth, in line with BrokerCheck.
Below FID’s umbrella, PWM will present purchasers with wealth administration companies via Raymond James Monetary Providers (RJFS), in line with Stephen Kruchten, president of FID.
“FNBS and PWM have constantly demonstrated a powerful dedication to delivering trusted recommendation and assembly the monetary wants of purchasers throughout southern Illinois and neighboring communities,” Jon DeMayo, vp of enterprise improvement at FID, mentioned in a press release.
“As we evaluated our choices, we discovered that FID provided the very best long-term match for our staff and purchasers – offering the independence, advisor-focused service mannequin and sturdy platform wanted to assist continued progress,” David Sternberg, president of FNBS, mentioned.
Salerno, a local of New Jersey, started his 30-year-plus profession in 1993, spending the previous 14 with Commonwealth.
“My follow has at all times been centered on serving to folks navigate the monetary selections that form their lives, and culturally Raymond James shares this philosophy,” mentioned Salerno in a press release.
Raymond James is among the many companies which were recruiting from tje stream of monetary advisors who’ve been leaving Waltham, Mass.-based Commonwealth since LPL Monetary mentioned it could purchase the corporate earlier this yr. LPL closed the $2.7 billion money deal Aug.1 and is integrating Commonwealth’s advisors and belongings into its platform in a course of that would lengthen into the fourth quarter of subsequent yr.
