Wells Fargo (WFC) attracted a billion-dollar advisor group from UBS (UBS), while Raymond James (RJF) welcomed advisors who managed nearly $500 million. Meanwhile, LPL Financial (LPLA) and Merit Financial Advisors welcomed the newly launched advisory firm of Consilium Associates.
The Blosser-Reeder Group left UBS Private Wealth Management recently to join Wells Fargo Advisors in Los Angeles. Rick Blosser, Ryan Reeder and their team joined the Westwood branch after managing more than $1.1 billion in client assets at UBS.
"Our choice to join Wells Fargo Advisors was decided after much consideration and serious examination of the prevailing trends in the wealth management industry," said Reeder in a statement. "Wells Fargo Advisors, hands down, had the most client-centric wealth management best practices we had seen in the industry."
In Chicago, Raymond James' employee channel attracted a team of two advisors: Matthew Gall moved from Wells Fargo Advisors, while Jim McDermott made the switch from Oppenheimer & Co.
Together, the two advisors have about $110 million in assets and some $1.5 million in yearly fees & commissions.
"We wanted to find a firm with a small-company culture, but big-company resources," said McDermott, senior vice president of investments in a statement. "Something we felt here at Raymond James was unique. The firm offers the platform we were looking for, the cutting-edge advisor technology we need to run our practice efficiently, and access to great money managers."
McDermott began his 20-year career at Salomon Brothers before becoming a financial advisor with Prudential Securities, Smith Barney, Wells Fargo Advisors and Oppenheimer. Gall has been in the industry for 19 years; he previously worked at Smith Barney, A.G. Edwards and Wells Fargo Advisors.
"Jim and Matthew are great additions to our firm," said John Kuklenski, Northern division director for Raymond James & Associates, in a statement. "We are pleased they discovered the high level of service and support provided here at Raymond James, and we are proud to offer the type of technology and resources they need as they continue to grow their business."
Raymond James Financial Services, the independent broker-dealer of Raymond James, gained an advisor/branch manager in Saddle River, New Jersey, and a trio of advisors in Cypress, Texas; together the additions manage nearly $400 million.