Raymond James Snags $1B Merrill Lynch Team in Major Recruiting Coup
In a significant move within the wealth management sector, Raymond James has successfully recruited a high-performing team from Merrill Lynch, Bank of America's brokerage arm. The team, which oversaw approximately $1 billion in client assets, has joined Raymond James' employee-advisor channel, operating as Thrift Private Wealth in Easton, Maryland.
The transition involves four financial advisors and two client service associates. The team is led by Managing Director and Private Wealth Advisor Garrett Thrift, a 15-year veteran of Merrill Lynch. He is joined by Financial Planning Consultant Kara Burt (8 years at Merrill), and Financial Advisors Blake Saulsbury and Wade Oursler (3 years each).
In a statement, Thrift cited "extensive due diligence" leading to the move, highlighting Raymond James' private wealth resources and the "unique element of direct access to senior leadership" as pivotal factors.
The recruitment aligns with Raymond James' aggressive growth strategy. During a recent earnings call, CEO Paul Shoukry reported strong first-quarter recruiting results, with advisors bringing roughly $13 billion in client assets to the firm. He noted this was a "strong result for a quarter that typically experiences a seasonal slowdown." The firm also disclosed a 22% quarterly increase in recruiting and retention-related compensation, reaching $107 million.
This move reflects broader industry shifts. A recent Wolfe Research study indicated Raymond James was among the top firms for net advisor gains in 2025, while Bank of America (encompassing Merrill Lynch) was noted as a net loser of advisors. This contrasts with Bank of America's own January statements, where wealth executives claimed advisor attrition was at historic lows and pointed to strong revenue growth from attracting affluent clients.
Through its new affiliation, Thrift Private Wealth will expand its service offerings to include alternative investments, banking and lending, and comprehensive estate and trust planning.
Industry Reactions
Michael Chen, Industry Analyst at Celestial Insights: "This is a textbook case of a mid-sized firm leveraging its culture and resources to attract top teams from wirehouses. Raymond James's focused investment in recruitment is clearly paying dividends and altering the competitive landscape."
David Reeves, Former Wirehouse Branch Manager: "Losing a seasoned team like this is a sting for Merrill. It raises questions about the long-term alignment for advisors at the largest banks, where they can sometimes feel like a small cog in a vast machine. The promise of autonomy and direct leadership access at firms like Raymond James is a powerful lure."
Sarah Johnson, Independent RIA Owner: "Frankly, this is just musical chairs among the big players. The real story is the ongoing flow of assets to truly independent RIAs. While a billion-dollar move is notable, it doesn't change the fundamental value proposition debate for clients. The focus should be on fiduciary standards, not recruiting bonuses."
Robert Finch, Wealth Management Consultant: "The Wolfe Research data is telling. If BofA is indeed seeing net advisor losses despite reporting low attrition, it suggests they may be losing high-quality, productive teams like Thrift's while bringing in newer advisors. This can quietly erode the asset and revenue base over time."