Raymond James’s employee broker-dealer has recruited yet another team from Wells Fargo Advisors.
Financial advisors Thomas Monroe and John McDermott joined Raymond James & Associates and operate as Monroe McDermott Wealth Management. They moved from Wells Fargo Advisors, where they previously managed about $336 million in client assets. The team produced more than $1.7 million in annual fees and production. Wendy Petrovis will be joining the team as senior registered client service associate.
Wells Fargo continues to see a steady decline in advisors following the disclosure that the bank had been producing fraudulent bank accounts back in 2016. As of March 31, the firm has lost a total of 258 financial advisors from the previous year. In total, 14,399 advisors have left the firm. In the last couple of months, Raymond James has announced other teams that have moved over from Wells Fargo.
Monroe, senior vice president of investments, has over 23 years of experience in the financial services industry. He began his career at Merrill Lynch and later moved to A.G. Edwards & Sons and then Wells Fargo Advisors prior to joining RJA.
McDermott, senior vice president of investments, began his career in financial services in 1993 at A.G. Edwards. He later moved to Wells Fargo Advisors, where he was branch manager and a financial advisor.