This story was updated on Sept. 26 with commentary from Benji Miles.
Raymond James Ltd. has added $1 billion in client assets — and expanded to Manitoba — with the addition of three Winnipeg-based advisory teams coming from Richardson Wealth Ltd.
Martin Wealth Management, Miles Wealth Management Group and Ruban Stark Wealth Partners will anchor the opening of a new Raymond James office in Winnipeg, a release said on Thursday.
The integration of the three firms provides a combination of experience, client trust and regional influence, it said, noting that the Winnipeg corporate branch will be Raymond James’ 12th in Canada.
“This is more than a geographic expansion — it’s a strategic investment in the future of Canadian wealth management,” Scott Hudson, executive vice-president, head of wealth management, private client group with Raymond James, said in the release. “Our approach is anchored in a clear principle: by enabling advisors to excel, we enhance client outcomes and drive long-term value. These three teams will play a pivotal role in helping us achieve our $125-billion AUA [assets under administration] target by 2030.”
Raymond James had $88.1 billion in assets under management in Canada at the end of 2024.
Richardson Wealth’s parent company, Toronto-based RF Capital Group, was acquired by Quebec City–headquartered iA Financial Corp. in July. The deal, which is on track to close in the fourth quarter, was expected to add more than $40 billion in AUA to iA Wealth’s network. IA said it will retire the Richardson brand 30 months after the deal closes. Last week, Richardson lost another longtime wealth advisor when Joseph Bakish and his team signed on with Manulife Wealth.
In Thursday’s release, Ken Martin, senior financial advisor, and Jackson Martin, financial advisor, with Martin Wealth Management, cited Raymond James’ commitment to supporting independence and its global strength as reasons for the move. “Raymond James is the ideal partner to carry forward the legacy we’ve built putting clients first over the past two decades,” the Martins said.
Benji Miles, senior wealth advisor and senior portfolio manager with Miles Wealth Management Group, said in the release that access to Raymond James’ global infrastructure, resources and expertise would “significantly elevate” client service.
In an interview, Miles said his team of four worked with the other two advisory teams on due diligence ahead of the move. “That started late winter, early spring,” Miles said. “It wasn’t a quick decision; it was something that was thought out and that we did our homework on.”
He was positive about management at Raymond James, adding that he’s known Hudson for more than 25 years. Further, “there’s no internal product to push,” Miles said. “We don’t want to have to push anything proprietary to get us up the grid.”
When asked about the resources clients will now have access to, he said international wealth management expertise and strategies as well as trust services — “a huge plus for our clients.”
Clients have had “a great response,” Miles said, with almost half of assets transferred already.
Jeremy Ruban, senior wealth advisor with Ruban Stark Wealth Partners, cited Raymond James’ support of independence, among other factors. “[W]e’re excited to unite under the Raymond James brand to build a state-of-the-art branch right here in Winnipeg,” Ruban said in the release.
“Joining Raymond James gives us access to enhanced capabilities and a broader platform that will elevate the experience we offer our clients,” Trevor Stark, senior wealth advisor with Ruban Stark Wealth Partners, said in the release. “It’s a meaningful step forward not just for our teams, but for the future of financial services in Manitoba.”
Last week, longtime Raymond James Ltd. veteran Jamie Coulter said he was stepping down from his CEO role, effective Sept. 30, with non-executive chairman Paul Allison appointed as interim CEO.