Richardson Wealth Inc. loses senior advisers to rival wealth managers

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The departures by senior advisers have seen the company lose more than 1.4-billion in client assets

Richardson Wealth Ltd. has seen a flurry of departures of senior advisers and their teams, losing more than $1.4-billion in client assets to rival wealth managers.

And on Oct. 27, Raymond James Ltd. announced the appointment of Wynn Harvey, an investment adviser who spent almost 12 years with Richardson Wealth and manages more than $150-million. “Eight new advisory teams have already joined us this year and our recruiting pipeline is robust,” Mr. Kapoor said.“Our corporate development team continues to meet with new advisers, and we believe many will join us in the coming weeks and months. Like everyone in our industry, we get excited when advisers join us and we are disappointed when they leave. We wish them well.”

Typically, retention bonuses are known to lock advisers to a firm for between seven and 10 years, but Richardson only asked advisers to commit to a three-year deal. Bonuses are set up as a forgivable loan; any adviser who wanted to leave before his or her contract was up would have been required to repay the outstanding loan amount.

 

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