Raymond James closed its acquisition of the
The closing price was above the
“There is no net effect,” Raymond James Chief Operating Officer
The announcement of the closing deal comes right on time for
The next change ahead for the
From the feedback Zank has heard so far from the financial advisors, they are excited to have the Raymond James name hanging on their offices.
“I think they’re pretty excited about being part of Raymond James,” Zank said. “They have been part of Regions for a long time, so if you look at a lot of their locations, they have a co-branded situation between Regions and
Zank said he has also heard positive feedback from the financial advisors about the marketing capabilities for their practices they will have access to through Raymond James, as well as the trust services and banking and mortgage products.
“While they’re (
The combined firm is slated to include a total of 6,500 financial advisors including Raymond James’s traditional and independent channels, as well as its Canadian business. Of the
Raymond James has also successfully lured in Morgan Keegan’s top 12 executives, six of whom are in the private client unit. That includes four regional directors and two co-heads of the private client business, according to Zank.
Raymond James has currently laid off a total of 218 employees as the firms combine, including a total of 68 positions based in
“This is by far going to be the largest wave,” Zank said of the layoffs that have happened so far. “We’re not interested in wringing out the last nickel of cost savings on this near term at all. We’re much more concerned about trying to maintain service levels.”
The combined firm will have a total of 2,600 locations in the U.S.,
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