Million-Dollar Edward Jones Broker Goes Indie, Via Raymond James

October 2, 2019

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Raymond James’ independent broker channel has attracted a father and son who spent the lion’s share of their brokerage careers at Edward Jones.

James (Jim) Boudreau and Brian Boudreau, who had a combined $130 million in client assets in separate practices at Jones, opened an independent firm in Colorado Springs, Col. called Beta Financial Partners, Raymond James said on Wednesday.

Jim Boudreau had been generating over $1 million in trailing-12-month production at Jones, according to a source familiar with his book of business.

The elder Boudreau, who began his professional life as a recruiter, spent his entire 17-year brokerage career at Edward Jones, according to his BrokerCheck history and to a press release from RayJay. Brian Bourdreau began his brokerage career in 2007 with Farmer Financial Solutions, LLC, and joined Edward Jones in 2011, according to his BrokerCheck history.

“We are…excited to grow our practice together for the first time as a father-son duo,” Jim Boudreau said in a prepared statement that also cited RayJay’s “cutting-edge technology software for clients” as a key reason for breaking away to Raymond James Financial Services.

The Boudreaus, who with a client service associate affiliated with RayJay in mid-August, declined to elaborate on the reasons for their move.

Just under 7% of Edward Jones’ more than 18,000 brokers generate $1 million or more in fees and commissions, primarily from single-advisor offices servicing middle-income investors, but the number has been rising, Matt Burkemper, Jones’ head of recruiting said in a recent interview.

The percentage is small compared to national competitors such as Morgan Stanley, Merrill Lynch and UBS that focus their advisors on wealthier investors, he conceded, but the St. Louis-based firm’s trendline is positive.

Jones’ million-dollar producer count increased by 35% in 2018 from the previous year. he said. The jump reflects rising markets as well as deeper client relationships brokers are building through advisory rather than traditional transaction-based relationships, Burkemper said.

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