Raymond James picks up $1B team from RBC

Raymond James is welcoming a three-member advisory team into its western division that had more than $1 billion under management at RBC.

St. Petersburg-based Raymond James announced Monday that it had pulled in the members of Pahnke Wealth Management in its latest recruiting win. Pahnke is a Scottsdale, Arizona-based team that had previously managed roughly $1.1 billion at RBC Wealth Management.

It consists of three main advisors, Glenn Pahnke, Ted Churchill and Austin Pahnke, as well as seven support staff members. They’re joining Raymond James as employees of the firm, rather than through its independent channel.

“With the firm’s robust platform, advanced technology and support, we are well positioned to continue our legacy of delivering high-quality investment solutions and elevating the day-to-day experience of our discerning clientele,” Glenn Pahnke said in a statement.

RBC Wealth Management, with roughly 2,100 brokers in the U.S., did not reply to a request for comment.

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The move is just the latest recruiting coup for Raymond James, once a regional firm but now one with a strengthening national presence. Speaking on an earnings call in October, Raymond James CEO and chairman Paul Reilly said the firm’s recruitment prospects have never been so strong.

 “We’ve never had this many at one time, where we’re down to the final kind of negotiating line … as well as people that have committed, we haven’t announced,” Reilly said

His remarks came shortly after Raymond James announced it had brought a team managing more than $3 billion over from its rival Cetera. The firm ended 2023 with 8,710 advisors total for its employee and independent channels combined and more than $1.3 trillion under management.

Ron Edde, an industry recruiter and the president and CEO of Millennium Career Advisors, said Raymond James tends to not have the most generous recruiting deals in the business so the appeal to advisors comes in other forms. For one, the firm offers help with marketing, legal work and similar types of support, he said.

Raymond James also has a pay system that allows advisors to earn deferred compensation early if they hit certain revenue goals. Very few of the firm’s rivals do the same, Edde said.

Edde also credited Raymond James for making it easy for advisors to move back and forth between its employee and independent channels.

“They make it clear that they work for the advisor,” he said. “That’s their central philosophy. A lot of their efforts stem from that.”

 

On the Pahnke Wealth Management team, Glenn Pahnke has 36 years of experience in the industry and went to RBC Wealth Management from Robert W. Bairds, where he was from 2002 to 2011. All told, he has worked for nine firms, including two — Cenpac Securities and Hibbard Brown — that were expelled by the Financial Industry Regulatory Authority. 

His FINRA BrokerCheck page shows three disclosures. The latest, from 2020, was settled for a little more than $15,000 after a client complained about losses in an account Pahnke was managing. Pahnke’s son, Austin, joined RBC in 2017. Neither he nor Churchill has disclosures on BrokerCheck.

Rick Sanchez, the West Coast regional director at Raymond James, said the addition shows the firm’s ability to attract high-quality teams throughout the country.

“Raymond James’ commitment to equipping advisors with comprehensive resources and support while honoring their autonomy to prioritize client needs remains a compelling differentiator in our ability to attract top teams,” he said in a statement.