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New Recruits Bring Over $500 Million to Raymond James

The advisors come from Kestra Investment Services, Key Investment Services, Bank of America Merrill Lynch and UBS Financial Services.

Six financial advisors joined Raymond James Financial Services’ affiliate Crux Wealth Advisors, according to a Tuesday announcement. The additions increase the Long Beach, Calif.-based firm’s presence in New York and Illinois.

The advisors, who come from firms that include Kestra Investment Services, Key Investment Services, Bank of America Merrill Lynch and UBS Financial Services, bring combined assets under management totaling more than $500 million.

“As we began exploring our expansion into Western New York and Illinois, we found we had a unique opportunity to partner with advisors who may feel underserved and could benefit from an alignment with CWA and Raymond James,” said Travis Alexander, CEO of Crux Wealth Advisors, in a statement.

Advisor Jo Ann Favia came from Kestra Financial, where she managed $175 million in client assets under the moniker The Favia Group. Favia, who started the independent practice in 2002 in Villa Park, Ill., will be joined by relationship manager Julia Perez and retirement plan associate Dan Carthew and has been made partner at CWA.

In Buffalo, N.Y., a new hub CWA bought last October, five advisors will work together.

Jonathan Plail brings his Buffalo, N.Y. practice, Plail Wealth Management, to the CWA partner platform from Merrill Lynch. Plail managed $120 million in assets at Merrill, where he spent nine years. Plail’s relationship manager, Carolyn Daigler, and client services manager, Matthew Francis, join with him.

Two former UBS advisors will join Plail in Buffalo. Anthony Pandolfi and Andrew Durfee collectively had $110 million in AUM when they left UBS. Pandolfi was with UBS for 12 years and was with Morgan Stanley before that. Durfee worked for UBS for nine years and also previously worked for Morgan Stanley.

The team is capped off by Tony Cirocco and Jared Smith, Buffalo-based advisors who join from Key Investment Services, where they managed $125 million in client assets. Both advisors started their careers at HSBC Securities and then transferred to LPL Financial before landing at Key Investment.  

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