Raymond James has added a team of 16 advisors with offices in New Jersey and Florida. The Greenberg & Rapp team and its Eagle Rock Wealth Management subsidiary bring about $1.8 billion in client assets to Raymond James Financial Services, the firm’s independent broker/dealer channel, from M Financial Group, an insurance broker/dealer.
The practice is led by founders and principals Thomas C. Rapp and Ronald J. Greenberg and Managing Partner Patrick Maguire. They’re joined by advisors JP Bartolomeo, T. Keith Brown, Bill Conroy, Jordan Crowley, Jonathan Crozier, Jake Greenberg, Jack Grondin, Cole Koeniger, Dennis Mojares, Ryan Pergola, Michael Pfenninger, Brian Rapp, Dante Zicarelli and Investment Strategist Ryan Miscik. Another 15 investment and branch professionals are also transitioning.
Greenberg & Rapp specializes in private placement life insurance and private placement variable annuities.
“In our discussions with Raymond James, it became clear that they have the cutting-edge technology and home office support we need to focus our time on serving clients,” Ronald Greenberg said in a statement. “We’re drawn to the unique culture and share a spirit of independence that gives us the freedom to do what’s right for our clients and continue to grow our business.”
Raymond James has recently lost several big advisor teams. However, CEO Paul Shoukry said in its recent second-quarter earnings call that the firm has one of its strongest advisor pipelines since the financial crisis.
Last year, the firm recruited Alex David, former president and CEO of Stifel Financial’s independent contractor broker/dealer, as Northeast division director within its independent advisor channel. He led this addition.
The broker/dealer has also been championing its RIA channel by which advisors use Raymond James’ platform and wealth management services, but remain independent. In March, the firm hired Ronice Barlow, a former Franklin Templeton senior vice president, as the chief operating officer for that independent contractor division.
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