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Merrill Lynch Loses Billion-Dollar Team to This Rival

By Alex Padalka May 17, 2019

Raymond James has poached another team of top producers from Merrill Lynch, according to Raymond James.

William "Rusty" Seyle, who’d been at the wirehouse for over 27 years, and Tim Hickey, who’d spent a quarter of a century with Merrill Lynch, join Raymond James & Associates, the firm’s employee broker-dealer, as Seyle Hickey Wealth Management of Raymond James in Allentown, Pa., according to a press release from the company. The pair cater to high net worth families, business owners and corporate retirement plan committees, Raymond James says. Seyle and Hickey previously oversaw approximately $1 billion and generated $3.6 million annually, according to the press release. The two advisors are joined by investment portfolio associate Kristin DeLong, senior client relationship associate Alison Ehret and registered client relationship associate Marisa Gurnari, Raymond James says.

“After careful consideration, we determined that Raymond James supports and encourages our client focused approach, and is ultimately the best place for us and our clients going forward,” Seyle says in the press release. “The firm allows us flexibility in what we can offer our clients, and provides an open architecture technology platform. Our team is extremely excited about our move to Raymond James.”

Raymond James has nabbed several Merrill Lynch advisors since the start of the year. It has also lured advisors from Wells Fargo, Morgan Stanley, UBS, LPL Financial and other firms in recent months. But during the same time, Raymond James also lost advisors to RBC Wealth Management, Janney Montgomery Scott, Stifel Financial and the Hilltop Securities Independent Network.

In the past few weeks, Merrill Lynch, meanwhile, also lost a veteran advisor to RBC and a pair of advisors to Stifel, while another advisor overseeing $450 million formed an independent practice and partnered with Dynasty Financial.