By Ashley Lau
May 2 (Reuters) – Raymond James Financial said on
Wednesday it hired a veteran adviser from Stifel, Nicolaus & Co
who managed more than $105 million in client assets at his old
firm.
Adviser James “Frank” Cape, who has worked in the industry
for more than three decades, moved in February to Raymond James
Financial Services, the company’s independent broker-dealer
unit. He generated $712,000 in revenue last year.
Cape, who now owns and operates his independent firm, Cape
Financial Group, based in Green Bay, Wisconsin, said he decided
to make the move because he wanted to have more independence in
managing his book of business.
“With a wirehouse or a regional firm, you’re building your
business, but you’re not necessarily building it for yourself,”
Cape said on Wednesday. “Being my own company and having the
independence was just very appealing.”
While Cape manages his own practice, securities for his firm
are offered through Raymond James Financial Services Inc. Cape
said he chose Raymond James after looking at 20 different
companies over a two -year per iod.
“Raymond James stood out as the one that offered all of the
things that we liked at Stifel, and what our clients liked, with
the independence,” he said.
Cape had been with Stifel for six years prior to joining
Raymond James. Stifel, Nicolaus & Company is a subsidiary of
Stifel Financial Corp, the St. Louis, Missouri-based
regional brokerage and investment banking firm.
Cape started his career in 1982 with The Principal Financial
Group after serving in the United States Air Force. He said he
plans to eventually retire as an independent with Raymond James,
the final stop on his career path.
Raymond James Financial, which has both a traditional
employee broker-dealer division and an independent channel in
the United States, also recently added Morgan Keegan’s brokerage
unit following its acquisition of the Memphis-based firm. The
company also has small brokerage units in Canada and the United
Kingdom.
Raymond James said last week it expanded its adviser ranks
to 5,398 on March 31 from 5,356 at the end of December. With its
purchase of Morgan Keegan, the company added the brokerage’s
roughly 1,000 advisers.
Raymond James’ chief executive, Paul Reilly, told analysts
during a conference call last week that the company is “hiring
at full speed.”
