Raymond James Nabs Merrill Team, Set to Open Beverly Hills Branch

"We are delighted to welcome the Dedrick-Franklin team to Raymond James," said Elwyn, in a statement. "Both Thomas and Pam have distinguished themselves over the years as outstanding financial advisors with a commitment to putting their clients' interests ahead of their own. This focus aligns perfectly with the Raymond James culture and values and we could not be more pleased to have them join our Tuscaloosa office."

Dedrick became an advisor with Merrill Lynch in 1984, while Franklin became a Merrill advisor in 2007; earlier, Franklin worked as a CPA beginning in 1987.

"Raymond James reminds me of the firm I started with years ago, with a true focus on serving clients and their wealth management needs," said Dedrick, in a press release. "It's a firm with no outside influences or pressures."

The veteran advisor noted, "Many bank-owned broker-dealers are going in another direction; one, I believe, which is counter to what is best for our clients, and counter to what we do as professionals. After much searching and due diligence, my partner and I selected Raymond James — it was the one firm that felt right, and offered the same, client-first values we want to live by."

When asked about having former wirehouse advisors like Dedrick share their views on past employers, Elwyn said the broker-dealer feels they should be able to speak their mind.

"Raymond James advisors have always been able to communicate with the public and the press in discussing their practice and their commitment to their clients…this has not changed," he shared in a statement. "Having said that, we are pleased that many of the industry's best advisors continue to find the combination of independence and support that Raymond James offers to be a compelling choice."