To run the unit, Raymond James Financial poached three advisers from the brokerage unit of Bank of America , Merrill Lynch.
The trio managed more than US$140 million in assets and had US$860,000 in annual production at Merrill Lynch.
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Three financial advisors, Lee Vaughan, John Connelly and James Maddux, will together form COVA Wealth Management, an independent firm offering securities through Raymond James Financial Services.
"Several factors were important in making the decision to join Raymond James," said Vaughan, the managing partner at COVA. "Among them was the firm’s strength and stability and its advisor-focused culture. The appeal of being independent while serving our clients’ best interests was very compelling."
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