Raymond James, the wealth manager and investment bank that was touting its long-term recruiting focus on earnings this week, announced Friday it has brought on an advisory team from Bank of America’s Merrill Lynch that had been managing $1 billion in client assets.
The team of four financial advisors and two client service associates has joined Raymond James’ employee advisor channel to serve families and business owners through Thrift Private Wealth of Raymond James, based in Easton, Md.
The advisors include managing director and private wealth advisor Garrett Thrift, who had been with Merrill for 15 years, according to BrokerCheck.
It also includes financial planning consultant Kara Burt, who had been with Merrill for eight years, and financial advisors Blake Saulsbury and Wade Oursler, who had been with Merrill for three years.
The firm made the decision to join Raymond James after “extensive due diligence,” according to a statement from Thrift.
“Raymond James’ private wealth resources and capabilities were an essential part of our decision-making process in addition to the unique element of direct access to senior leadership,” he said.
This week, Raymond James’ CEO and CFO reported strong recruiting results for the St. Petersburg, Fla.-based financial firm’s fiscal first quarter, ending December 31.
CEO Paul Shoukry said Raymond James added advisors with about $13 billion in clients’ assets in what he called a “strong result for a quarter that typically experiences a seasonal slowdown.”
Raymond James also broke out for the first time the spending it put into recruiting and retention-related compensation, which was up 22% in the quarter to $107 million.
According to a recent advisor moves study by Wolfe Research, Raymond James was just behind LPL Financial in total net advisor gains in 2025 (LPL’s numbers do not include its acquisition of Commonwealth Financial Network). Bank of America, which includes Merrill and its Private Wealth advisors, was the biggest net loser of advisors, according to the New York-based research firm.
During its January 14 earnings call, Bank of America wealth executives said advisor attrition in the wealth management division was at historic lows. The New York-based firm also reported strong revenue and earnings growth for its Merrill Wealth and Private Bank divisions, partly due to attracting more affluent clients.
Thrift Private Wealth will offer a number of services through its setup with Raymond James, including alternative investing, banking and lending, and estate, charitable giving and trust services, according to its website.
