Raymond James bags $995M breakaway trio from Merrill

Another group of elite advisors from Merrill is making a fresh start at Raymond James.

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Raymond James announced it has added a prominent advisor team to its employee channel, Raymond James & Associates, in Cleveland, Ohio.

The group, which managed nearly $995 million in assets at Merrill Lynch, will now operate as DKO Private Wealth Management of Raymond James from the firm’s Cleveland Beachwood branch.

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Recognized as a best-in-state wealth management team, the group includes financial advisors Adam Ours, John Koch, and Padma Jambunath, as well as senior client relationship manager Jeffrey Danzinger, senior registered client relationship associate Sasha Delic-Milanovic, and senior client service associate Betsy Margolin.

With a client base that runs the gamut from business owners to corporate executives, families, retirees, and family offices, the group collectively brings over 150 years of industry experience, according to Raymond James.

“Joining Raymond James was a decision made with our clients in mind, allowing us to offer an even broader array of resources without sacrificing our client-first mentality,” Ours, who’s stepping in as managing director, wealth management at RJA, said in a statement Tuesday. “The firm’s commitment to financial stability and conservative management aligns closely with our values, ensuring we continue providing the objective, high-quality counsel our clients have come to trust.”

“At Raymond James, we have found a balance of size, scale and a deep focus on relationships that elevates our ability to serve clients,” Koch added. “Its industry-leading research, advanced technology platforms and extensive investment options empower us to deliver sophisticated financial strategies while keeping client relationships at the forefront.”

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Ours, who has over two decades of experience in the financial services industry, began his career with Northwestern Mutual Investments before joining Merrill Lynch, where he worked for 18 years. Meanwhile, Koch made his start in 1993 at Lehman Brothers in San Francisco. Before joining Raymond James, he spent over 15 years at Merrill Lynch, where he held roles including senior vice president, financial advisor, office director, and sales manager for the Cleveland complex.

Jambunath, who has international experience across Asia, Europe, and the US, highlighted the firm’s alignment with their approach.

“In addition to values alignment, transitioning to Raymond James emphasizes our commitment to serving our clients’ best interests,” she said. “Raymond James supports our client-first mentality with a wealth of resources and a welcoming, relationship-focused culture.”

The DKO team’s move will likely be the last addition on RJA’s 2024 record of big-fish recruits from Merrill Lynch. In October, RayJay welcomed a five-person Merrill team managing north of $1 billion in assets in New York, shortly after which it swiped another Merrill alum who previously managed $1.3 billion in Texas.