"[Raymond James is] a firm with no outside influences or pressures," says Thomas Dedrick who just came over from BAML. "Many bank-owned broker/dealers are going in another direction ... which is counter to what is best for our clients and counter to what we do as professionals." Dedrick notes Merrill brokers are encouraged to sell bank products and services which are not appropriate, especially considering his home city - Tuscaloosa - has no BofA branches.
"We were delighted to discover that Raymond James owns a bank, not the other way around," says another team which just came over from Wells Fargo.
The thundering herd's sales force is 14K, Wells 11K, and RayJay 2.4K.