Raymond James Not Eager For M&A Either - Who Will Buy Securities America? Hot

Raymond James Financial Services, the independent-broker-oriented arm of Raymond James, is less interested in buying another network than growing organically, COO Chet Helk recently told reporters.

Once again, the whiff of "distress" is a turnoff for the firm. Raymond James would rather court high-quality producers individually without betting real capital on "expensive and risky" acquisitions, Helk says.

This is a stunning story because it demonstrates how much value there is at the strong end of the advisory business -- the individuals RJFS is pursuing -- and how commoditized weaker books have become.

If a national player like Raymond James is unlikely to want to bolt a big network onto its own operation through M&A, the prospects for weaker producers to sell their own books at a fair price just got slimmer.

And for firms like Securities America, I guess we can scratch another rumored potential buyer off the list. 

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