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Father-daughter advisor team Martin Gelb and Sonya Gelb Choeff have jumped ship to Raymond James in Miami Beach, Fla., from Morgan Stanley Smith Barney, as the fight for talent continues.
Of course, recruiting away from wirehouses is nothing new for Raymond James. In the last year, over 75 percent of the firm’s new recruits have come from wirehouse firms, said Scott Curtis, senior vice president at Raymond James’ Private Client Group. They come because they are fed up with the bureaucracy, and because they want more flexibility and independence, said Frank Amigo, Raymond James complex manager in Miami Beach.
Of course, some wirehouses are recruiting from the independent b/ds as well of late.
Gelb and Choeff had a long track record with MSSB. Gelb started with Drexel Burnham, which later became Smith Barney, in 1971, and Choeff joined Drexel in 1987. At MSSB, they had more than $250 million in client assets and more than $850,000 in production. Raymond James’ largest teams produce around $4 million, with average production at about $550,000-$600,000, said Amigo.
The team is well-recognized in the Miami Beach community by wholesalers, other advisors and investors. “It was a big hire in the sense of how well-established they are in the community,” Amigo said.