Call it Raymond James’ Northern Passage. 

For the second time this year, a multimillion-dollar team of UBS Wealth Management USA brokers in Birmingham, Michigan, has moved to the employee channel of Raymond James Financial in the same Detroit suburb.

The latest RayJay recruits—Ricardo Armijo, Martha Siefman,Tim Cooper and two client associates—joined Friday on the eve of Labor Day weekend. At UBS, they generated about $4 million in fees and commissions over the past 12 months on about $600 million of customer assets, according to a well-placed source.|

In February, a UBS team of six advisors in Birmingham producing about $4.5 million and managing about $700 million shifted to the Florida-based firm that has been expanding geographically. Its leaders, like the team that moved last week, had joined UBS in 2009 from Smith Barney.

Raymond James, which surpassed UBS in broker count three years ago, had just over 7,900 U.S. advisors as of June 30 (61% of whom were independent contractors). UBS had 6,689 throughout the Americas as of that date.

Armijo, Cooper and Siefman—who works for the Michigan team from an office in Longboat Key, Fla.—did not respond to requests for comment on their move. Armijo and Siefman were senior vice presidents at UBS while Cooper was a vice president, according to their former web biographies.

Siefman began her brokerage career with E.F. Hutton in 1985, while Armijo and Cooper first registered with Smith Barney in Michigan in 1996 and 1998, respectively.

UBS has slashed its recruiting budget as part of a campaign aimed at reducing hiring-bonus “forgivable loans” depressing its balance sheet. While continuing to reach out selectively—last week it hired teams from Merrill Lynch on the West and East coasts managing $440 million and $391 million respectively—UBS has lost significantly more advisors than it has been gaining over the past three years.  

UBS Wealth Management USA head Jason Chandler said in June that year-to-date the firm hired fewer than two dozen experienced brokers. From November 2018 through April 2019, the U.S. wealth unit of the Swiss banking giant lost 109 advisors to competitors, according to an internal report reviewed by AdvisorHub.

Spokespeople at UBS did not respond to requests for comment about the latest moves in Michigan. A Raymond James spokeswoman declined to comment.

The post Raymond James Hires $4-Million Michigan Team from UBS appeared first on AdvisorHub.

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