November 14, 2011

UBS Team Jumps to Independence at Raymond James

A team with $200 million in assets joins Raymond James Financial Services in Duluth, Minn.

Raymond James (RJF) said Monday that a UBS (UBS) team with $200 million in assets had recently joined its independent channel. The team includes three advisors–Dave Kohlhaas, Brad Christiansen and Kristin Rognerud–and two associates in Duluth, Minn.

“I’m pleased to welcome this successful team to Raymond James,” said Bill Van Law, head of business development for Raymond James Financial Services, which has about 3,200 affiliated independent advisors, in a press release. “They have a proven track record of success, and they are a great fit for our firm. Their valuable knowledge and experience make them a strong addition to Raymond James. And most important, they share our dedication to putting the needs of clients first.”

The three advisors worked for Piper Jaffray, which was acquired by UBS in 2006.

“A lot of firms have the right tools, but what really sold us on Raymond James was the culture,” said Kohlhaas, in a statement. “The support Raymond James provides its advisors is second to none, and we feel it is the perfect fit for us and our clients.”

Last week, Morgan Stanley Smith Barney (MS) recruited three UBS advisors in New Jersey and Georgia with nearly $1 billion in assets and more than $8 million in yearly fees and commissions.

A leading industry consultant estimates that the number of wirehouse brokers moving to independence is only a few hundred each year. However, recruiters at firms like Charles Schwab and TD Ameritrade are very bullish on the number of FAs they believe they will attract in late 2011 and early 2012 as retention packages at the wirehouses wind down.

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