A Texas-based advisor managing over $1.3 billion in assets is joining Raymond James from Merrill Lynch, the second $1 billion-plus team to leave the wirehouse for Raymond James this week.
Melinda Johnston is based in Fort Worth, Texas, and will join Raymond James’ employee advisor channel, designed for wirehouse breakaways.
Practice Manager Kristin Stanley, Investment Portfolio Associate Nick Olivarri and Senior Client Service Associate Judy Frank will also join her to form M2J Wealth Management Group of Raymond James. They’ll work with business owners, corporate executives, family offices and individual clients out of Raymond James’ branch in Fort Worth.
Johnston has more than 40 years of experience in the industry, starting at Prudential in 1984. In 1995, she joined UBS and stayed for 21 years before moving to Merrill Lynch eight years ago. In a statement about the deal, Johnston said working with Raymond James will let the team grow its practice in a “way that aligns with our long-term goals.”
Johnston’s move comes just days after Raymond James recruited a Williamsville, N.Y.-based five-person advisor team managing more than $1 billion in assets to their employee advisor channel from Merrill.
The team is led by advisors Christopher Scott, Kevin Klein, Michael Gates and Salvatore Gandolfo, with support from financial advisor Jeffrey Baker and client relationship associates Alicia Birch, Jaclyn Greiner, Christina Ivancic and Elia Criola. Scott and Klein spent more than 20 years at the wirehouse; Gates and Gandolfo joined Merrill about 14 years ago.
The firm announced earlier this year that current CFO Paul Shoukry will succeed CEO Paul Reilly as head of the company, part of a broader “multi-year succession planning process.”
The firm also promoted Tom Walrond to lead Raymond James & Associates, the firm’s employee advisor channel, succeeding Tash Elwyn, who was appointed the president of Raymond James’ Private Client Group.