Raymond James (RJF) says a former-Merrill Lynch team with about $210 million in client assets and $1.1 million in yearly production has joined its independent channel in Northern California.
Nick Salvetti, CFP, and A.J. Salvetti, CFP, are now part of Raymond James Financial Services in Sacramento and Stockton, Calif., according to Bill Counsman, regional director for RJFS.
"We really felt the time had come to be an independent business and grow our own brand, but we still wanted access to all the resources and support of a major firm," said Nick Salvetti, in a statement.
Nick Salvetti has more than 15 years of experience in the financial services industry. He began his career at Morgan Stanley in Sacramento in 1998 and later moved to Merrill Lynch in Stockton.
"Raymond James fit us perfectly," he added. "We really appreciate the firm's technology, the depth of their research and their overall capabilities, while being in control of our own practice and destiny."
Managing partner A.J. Salvetti has more than 15 years of experience. Before joining Raymond James, he was vice president, investments and portfolio manager at Merrill Lynch and prior to that a financial advisor and vice president at Morgan Stanley.
"Raymond James offered us the best of both worlds," added A.J. Salvetti. "We looked at a number of independent firms and really liked the fact that Raymond James had a strong balance sheet, was a well-managed public company and had a great reputation for putting clients first and supporting its advisors."
Baird Recruits Roche
Earlier this week, Baird said on Tuesday that it has recruited industry veteran Francis Roche as a director and branch manager in its San Francisco wealth management office, which includes 11 wealth management professionals.
