Veteran trade government Alex David’s shock transfer this week to affix Raymond James from rival broker-dealer Stifel Monetary was sparked — as many huge profession strikes usually are — by a relationship cultivated over time.
On Monday, David had left his put up as president and CEO of Stifel’s impartial contractor channel to change into head of this group for Raymond James within the Northeast. He’d been within the place at Stifel for 3 years, after spending over 12 years at Wells Fargo Advisors.
The opening for David’s new function got here late final yr, Shannon Reid — who previously held this put up — grew to become president of the agency’s nationwide Impartial Contractor Division. By this time, David mentioned, he was already nicely acquainted together with his future employer.
Raymond James had 4,992 impartial advisors and a complete advisor headcount of 8,710 as of Dec. 31, whereas Stifel had 108 indie advisors and a complete advisor headcount of three,386.
“I’ve all the time been a fan of the work Raymond James does across the impartial advisors mannequin,” the manager defined in an electronic mail, including that he’s labored with Jodi Perry — Raymond James’ head of advisor recruiting — on the board of the Monetary Companies Institute. “As well as, we’ve sat on various trade panels collectively,” he mentioned.
David, who now stories to Reid, will oversee all impartial advisors in Connecticut, the District of Columbia, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Virginia, based on a spokesperson for Raymond James.