As we all know, recruiting for established, successful advisors has reached the bubble stage, with sign on "bonuses" (forgiveable loans vesting over years with many hurdles, really) reaching stratospheric levels. We've written about this continually over the last few years. And we even track movement with our new partner, AIQ database, which tracks SEC and FINRA filings.
And over the past few months, the "press" releases touting a poaching are crossing our (and other financial journalists desks) more frequently than ever. Here is one from our friends at Raymond James (which scored well with FA satisfaction this past year; see our annual broker report card):
ST. PETERSBURG, Fla. – Financial advisors Robert Krebs, Brian Pennell, Jennifer Duffy and Sandra Peters recently formed Blue Ocean Wealth Advisors of Raymond James, according to Tash Elwyn, the Atlantic divisional director of Raymond James & Associates (RJ&A), the employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF).
“I’m thrilled to welcome such an accomplished team to Raymond James,” said Elwyn. “Blue Ocean Wealth Advisors is an extremely talented group who bring extensive knowledge and a multitude of experiences to our firm. We could not ask for a stronger team to open the first RJ&A office in the southeast Virginia area.”
“Before joining the firm,” said Krebs, “we conducted extensive due diligence and in the end chose Raymond James because of its reputation for exceptional client service. The firm treats financial advisors as their clients, and that enables us to provide the highest level of service to our clients every day.”
Krebs, Pennell, Duffy and Peters came to Raymond James from Merrill Lynch, where they managed more than $250 million in assets. They are joined by their client service associates Kelly Martin and Teddy Cabral.
Krebs is a senior vice president, investments and 19-year industry veteran. For the past 11 years he was branch manager of the Virginia Beach office of Merrill Lynch. He earned his undergraduate degree at Davidson College, a Masters of Education from Duke University and a Masters of Business Administration from Long Island University.
Pennell is a senior vice president, investments and Certified Investment Management Analyst™, with 22 years of experience. He earned his degree in economics from Old Dominion University.
Duffy is a senior vice president, investments and 21-year industry veteran. She earned her degree in business administration from William & Mary.
Peters, who spent 12 years at Merrill Lynch, is a vice president and earned her degree in finance from Old Dominion University.
Blue Ocean Wealth Advisors of Raymond James provides comprehensive financial services for a select group of about 150 client families. The branch marks the first location in southeast Virginia for Raymond James & Associates. It is located at 2101 Parks Ave., Suite 103, Virginia Beach.