The latest senior executive moves in North American wealth management.

Raymond James
The US wealth management group continues to bring firms into its orbit. Yesterday, the listed organization said that it had brought over advisors René Dierkes and Frank McKenna to Raymond James & Associates, which is the firm’s traditional employee broker/dealer – in Morristown, New Jersey.

Dierkes and McKenna operate as The Dierkes Group of Raymond James and joined RJA from Morgan Stanley, where they previously managed $260 million in client assets. The Morristown office is managed by John Pascarella and is part of the Northern New Jersey Complex led by Chris Leavy.

Dierkes has been in the investment industry for more than 30 years, and is a graduate of Seton Hall University. He joined Legg Mason in 1990, which was subsequently acquired by Smith Barney and Morgan Stanley. Dierkes has served on the Rahway Valley Sewerage Authority Board, representing the town of Mountainside for five years, the last year as its chairman. Currently, he is a councilman on the Mountainside Town Council.

McKenna spent almost 20 years at Legg Mason and Morgan Stanley. He is also a graduate of Seton Hall University, which is where he and Dierkes met as freshman in 1983, Raymond James said.

Across the whole Raymond James business, total client assets are $824 billion.

LPL Financial
LPL Financial snapped up another wealth advisor for its broker-dealer and RIA platforms, embracing advisor Roy Fakoury CFP® CAP® AEP®, managing principal of Lumen Financial Planning and Wealth Management.

Fakoury reported having managed approximately $145 million of client brokerage, advisory and retirement plan assets. He joins from Wells Fargo Advisors Financial Network. His firm is based in Camden, South Carolina. He works with Elizabeth B. Triplett, registered client relationship manager and Sheila J Couch, client service associate.