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Technology > Investment Platforms > Turnkey Asset Management

UBS Adds 8 Advisors With $994 Million; Raymond James Hires 3 With $281 Million

By Janet Levaux

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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. 

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.

dennis zankRaymond James Financial, which includes more than 5,400 advisors with some $271 billion in assets, recently hired financial advisors Gary McGovern, John Flaherty and Frank McDonnell, for a new branch location on Boston’s south shore in Hingham, Mass., according to Ira Federer, divisional director in the Private Client Group of Raymond James & Associates, the employee broker-dealer of Raymond James, which is led by Dennis Zank (left).

“I am pleased to welcome Gary, John and Frank along with their two registered client service associates to the Raymond James family,” said Federer, in a press release. “Our advisor-centric culture and broad platform continue to attract some of the very best advisors in the industry. Hiring this team and opening a new office in Hingham demonstrates Raymond James’ ongoing commitment to expand and grow our presence in the Greater Boston, eastern Massachusetts area.”

McGovern joins RJA from Wells Fargo Advisors, having spent some 21 years with A.G. Edwards (which was first acquired by Wachovia and later Wells). At Wells Fargo, he managed $129 million in client assets and had annual production of almost $750,000.

Flaherty also joins RJA from Wells Fargo, where he managed $67 million in client assets and had annual production of more than $750,000.

McDonnell began his career with Paine Webber before joining A.G. Edwards in 1994 and RBC Wealth Management in 2006. At RBC, he managed $85 million in client assets and had annual production of almost $700,000.

“Joining Raymond James is one of the best decisions we’ve made—both for our clients and ourselves,” said McGovern, in a statement. “Raymond James has a unique client-first philosophy that’s extremely hard to find in this industry. Plus, it’s one of the largest non-bank-owned financial services firms in the country, which means it’s big enough to provide us with terrific resources and support, but not so big that it sacrifices customer service or family feel.”

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