UBS (UBS) said late Monday that it had hired eight financial advisors recently, including three from Bank of America-Merrill Lynch (BAC). The wirehouse firm expects the FAs to bring some $7 million in production and $994 million in assets under management to the firm.
And early Tuesday, Raymond James (RJF) said it added three financial advisors with a total of $281 million in assets and $2.2 million in combined yearly fees and commissions.
The eight advisors joining UBS will be located in Farmington Hills, Mich., Denver, New York, Bloomington, Ind., and Fort Worth, Texas.
Three advisors coming to UBS from Merrill Lynch will join the Farmington Hills complex, where they will report to complex director John Bush. The advisors are Makram Talia, Robert Loupee and Michael Graziani, who have a combined production of $2.85 million and $450 million in assets under management.
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UBS’ wealth-management operations in the Americas are currently led by Robert McCann, who previously was in charge of the Merrill Lynch wealth-management team. UBS is the smallest of the four wirehouse firms, excluding bank advisors, with an FA force in the Americas of 6,862. Morgan Stanley has 17,638 FAs, Merrill Lynch has 16,241 and Wells Fargo (WFC) includes 15,194.
Annualized revenues (or fees and commissions) per advisor are now roughly $912,000 at Merrill, $867,000 at UBS, $776,000 at Morgan Stanley (MS) and $648,000 at Wells Fargo.
In terms of total assets under management, Morgan leads the charts with $1.7 trillion, followed by Merrill with $1.5 trillion, Wells with $1.4 trillion and UBS with nearly $775 billion. UBS has the highest AUM per advisor, though, at $113 million, followed by $98 million at Merrill, $97 million at Morgan Stanley and $74 million at Wells Fargo.