Raymond James

Jan

2017

Current Raymond James Financial Recruitment Deal

From the desk of James Eccleston at Eccleston Law, LLC:

Raymond James Financial has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 10% to 30%. Additionally, the hurdle in order to meet back-end production goals under the deal is:

· Year 1: Hurdle – 50% of assets and revenue Payout bonus: 10% to 30% of production

All proposed deals are negotiable and reflected in numerous agreements such as promissory note and employment agreements. Reps should retain qualified legal counsel to review those documents in advance of committing to transition to a new firm.

Jan

2017

Current Raymond James Associates Recruitment Deal

From the Desk of Jim Eccleston at Eccleston Law LLC:

Raymond James Associates has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 50% to 125%. Additionally, the hurdles in order to meet back-end production goals under the deal are:

· Year 1: Hurdle – 70% of assets and revenue

Payout bonus: 25% of production

· Year 2: Hurdle – 90% of revenue

Payout bonus: 10% of production

· Year 3: Hurdle – 105% of revenue

Payout bonus: 10% of production

· Year 4: Hurdle – 125% of revenue

Payout bonus: 10% of production

· Year 5: Hurdle – 150% of revenue

Payout bonus: 5% of production

Dec

2016

Team Leaves Morgan Stanley Wealth Management to Join Raymond James

From the Desk of Jim Eccleston at Eccleston Law LLC:

On December 6, 2016, advisors Mark J. Rhoades, George Livanos, and Kelly Ward left Morgan Stanley Wealth Management to join Raymond James in Chapel Hill, North Carolina. The team has $250 million in assets under management.

Dec

2016

Team Leaves Bank of America Merrill Lynch to Join Raymond James

From the Desk of Jim Eccleston at Eccleston Law LLC:

On November 28, 2016, advisors George D. Ewins, Richard J. Kowalski, and Theresa Swett left Bank of America Merrill Lynch to join Raymond James in Burlington, Vermont. The team has $440 million in assets under management.

Nov

2016

Pair Leaves RBC Wealth Management to Join Raymond James

From the Desk of Jim Eccleston at Eccleston Law LLC:

On November 21, 2016, advisors Craig Decker and Emma Sterling left RBC Wealth Management to join Raymond James in Baltimore, Maryland. The team has $1.3 billion in assets under management.

Nov

2016

Team Leaves Bank of America Merrill Lynch to Join Raymond James

From the Desk of Jim Eccleston at Eccleston Law LLC:

On November 8, 2016, advisors Joseph DiVestea, Mark Mezzone, Maureen Macomber and Michael Rodriguez left Bank of America Merrill Lynch to join Raymond James in Mr. Kisco, New York. The team has $300 million in assets under management.

Apr

2014

FINRA Suspends Wells Fargo Advisor for Downloading Confidential Customer Information from Prior Employer

From the Desk of Jim Eccleston at Eccleston Law Offices:

FINRA enforcement has sanctioned a Wells Fargo Advisor with a 90-day suspension for taking more information than is allowed when he left a credit union affiliated with Raymond James Financial Services to join Wells Fargo Advisors (then Wachovia Securities) in late November 2008.

Prior to resigning from the credit union, where Steven Tomlinson had worked as manager of the investment services group as well as a Raymond James branch manager, Tomlinson allegedly used a personal flash drive to download confidential customer information, including account balances, social security numbers, dates of birth, and quarterly account statements. Of the 2,000 customers whose information he downloaded, only about 200 were his clients.

According to FINRA, Tomlinson provided the flash drive to a Wells Fargo administrative assistant so she could create mailing labels for announcements that he had joined Wells Fargo. While she worked with the flash drive, Tomlinson did not supervise the administrative assistant, and never informed her that the drive contained confidential information, was unencrypted and was not password protected.

This disciplinary decision underscores the need for reps to hire competent financial services employment attorneys to effectuate a move from one firm to another firm.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.