Raymond James Recruits $250M UBS Team

Raymond James (RJF) said late Tuesday that it had recruited a team of two financial advisors, formerly with UBS (UBS), to join its traditional employee-advisor branch in Jacksonville, Fla. The two advisors, Michael Brannam and Patrick Brannam, have managed some $250 million in client assets and produced more than $1.5 million in yearly fees and commissions.

“We are elated to welcome this talented team to our Jacksonville office,” said Tom Galvin, regional director for Raymond James & Associates, in a press release. “Together, Michael and Patrick bring more than 55 years of industry experience and have a history of top performance. We couldn’t be happier to call them a part of the Raymond James family.”

The father-and-son team, also known as Brannam Wealth Management of Raymond James, includes a financial consultant, Matthew Watson, and sales assistant, Brenda Holtinger. Michael has been in the business for 45 years and opened PaineWebber’s office in Jacksonville in 1980. Patrick joined the practice at UBS 11 years ago, after working for Deloitte and Touche and GATX Logistics.

 “We spent three years doing due diligence and research before deciding on a firm,” said Michael Brannam, senior vice president, investments, in a statement. “Raymond James was the best match for our needs. The firm has a reputation for providing excellent research and leading advisor technology, but more important, it reflects our personal philosophy of truly putting the client first. The back office and management here in Jacksonville have offered tremendous support to us during our transition, making us that much more confident that we made the right decision.”

Raymond James & Associates is hosting its summer development conference this week in Orlando, Fla. On July 24, the parent company plans to release its earnings results for the quarter ended June 30.

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Major Community Foundation Benchmarks Hit New Highs in 2012

Community foundation asset, gift and grant amounts reached new highs in 2012 for the first time since the recession, according to a report released Tuesday by the Council on Foundations and CF Insights.

Researchers collected data from 276 organizations, including those representing more than 90% of total estimated community foundation assets.

The study found that the community foundation sector represents $58 billion in assets, $6.9 billion in gifts and $4.5 billion in grants. Seventy-nine percent of community foundations had 2012 asset levels that exceeded those of 2007.

Between 2011 and 2012, assets experienced average growth of 9%, gifts 15% and grants 6%.

Seventy-five percent of community foundations increased their operating budget in 2012.

According to the study, administrative fees still drive community foundation revenue, accounting for about 65% of total revenue on average. Although most community foundations surveyed had a diversified revenue base, this was particularly true for smaller entities.

Half of small community foundations’ revenue came from administrative fee, compared with 70% for midsize ones and 76% for large groups.

In another significant finding, donor advisors increased assets held in community foundation donor-advised funds by 22% on average, faster growth than for assets overall.

Excluding supporting organizations, DAFs represented 69% of total gifts and 61% of total grants for community foundations.