Raymond James Financial has announced the appointment of Alex David as the new overseer for its independent financial advisors in the Northeast region. With over 30 years of experience in the financial services industry, David brings a wealth of knowledge to his new role.
Prior to joining Raymond James, David was responsible for leading Stifel Financial’s independent broker-dealer starting in March 2021. He also has experience working with Wells Fargo’s independent brokerage arm. Stifel had recruited David in order to strengthen its small independent advisor unit, which focused mainly on its larger employee advisor unit. According to Stifel’s fourth-quarter earnings report, they had a total of 2,278 employee advisors and 108 independent advisors as of December 31.
In comparison, Raymond James has a significantly larger wealth management business. The company currently has 8,710 advisors, of which around 5,000 are independent advisors, according to its most recent earnings report.
In his new role as Northeast Division Director at Raymond James, David will provide oversight for independent advisors in various states such as Connecticut, Washington, D.C., Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, and Virginia. To fulfill his responsibilities, David will be relocating to St. Petersburg, Florida, where Raymond James is headquartered.
Raymond James expressed their confidence in David’s ability to work effectively with advisors, which was a key factor in his hiring. The previous holder of this position, Shannon Reid, has been appointed as the President of Raymond James’ Independent Contractor Division.
“We are excited to have Alex join our team at Raymond James,” said Shannon Reid. “His extensive experience in recruiting, coaching, and consulting independent financial advisors will greatly benefit our efforts to attract and retain top talent.”
A spokesperson for Stifel declined to comment on David’s departure.