Hire Wire Aug 30 2011

Raymond James Expands With New Boston Branch

By thomas coyle

Raymond James & Associates, the broker-dealer of St. Petersburg, Fla.-based Raymond James Financial, has hired three former wirehouse brokers to establish a new office in Hingham, Mass.

Gary McGovern, John Flaherty and Frank McDonnell come to Raymond James as senior vice presidents. They worked together at A.G. Edwards until 2006, when McDonnell joined RBC Wealth Management in Norwell, Mass.

In 2007, Wachovia purchased A.G. Edwards, making McGovern and Flaherty employees of Wachovia's retail-brokerage business. In 2008, San Francisco-based Wells Fargo Corporation acquired Wachovia. As a result, McGovern and Flaherty join Raymond James from Wells Fargo's brokerage unit.

According to Raymond James, McGovern produced almost $750,000 on $129 million in client assets in his last 12 months at Wells Fargo; Flaherty produced about the same on $67 million. McDonnell managed $85 million in client assets and had annual production of almost $700,000 when he was at RBC Wealth Management, a part of the Royal Bank of Canada.

Hingham is about 15 miles south of Boston.

Raymond James has more than 5,400 advisors with a total of about $271 billion in client assets.

Thomas Coyle is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.




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