Raymond James Swoops In on Merrill Lynch's Thrush-Thrift Group in Maryland

Raymond James's partial raid of Merrill Lynch's Thrush-Thrift Group illustrates how team splits are becoming more common as advisors within large groups disagree on firm direction.

Raymond James & Associates has recruited at least five members of the Thrush-Thrift Group from Merrill Lynch in Maryland, partially dismantling one of the firm's established teams in the Baltimore-Washington corridor.

The departing advisors include Garrett Thrift, Blake Saulsbury, Wade Oursler, and Kara Burt, along with client associate Blair Elizabeth Goodrich. Notably, senior team leader Kirk Thrush has chosen to remain at Merrill Lynch, creating a rare split that has drawn attention across the industry.

The Thrush-Thrift Group managed approximately $1 billion in combined client assets at Merrill, though it is unclear how the book will be divided between the departing members and those who remained.

"Team splits are always messy, but they're becoming more common as individual advisors within large groups have different views on where the industry is heading," said a recruiter who has worked with teams in the mid-Atlantic region.

The departures mark a significant win for Raymond James in the competitive Maryland market. The firm has positioned itself as a haven for wirehouse advisors who want institutional-level support without the bureaucratic constraints of the largest banks.

Raymond James's recruiting success in 2025 and early 2026 has been driven in part by its employee channel, Raymond James & Associates, which offers a traditional W-2 employment model with higher payouts and more flexibility than most wirehouse competitors.

"What Raymond James offers is stability," said an industry consultant. "Their compensation grid has been consistent, their technology platform keeps improving, and advisors feel genuinely supported. That's a compelling pitch when you're coming from a firm that changes the rules every year."

For Merrill Lynch, the partial loss of the Thrush-Thrift Group is a setback in a market where the firm has traditionally been strong. The Baltimore-Washington corridor is home to a dense concentration of government contractors, federal employees, and professional services executives—exactly the affluent client base that every wirehouse is fighting to serve.

The move also highlights the ongoing challenge Merrill faces in retaining existing talent even as it ramps up external recruiting under CEO Andy Sieg's new strategy.

Raymond James and Merrill Lynch both declined to comment on the moves.