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Raymond James poaches $382M advisors from Wells Fargo and UBS

Raymond James has recruited three financial advisors with $382 million in AUM from wirehouse rivals Wells Fargo and UBS.

Dynasty, Raymond James and Stifel are among the biggest beneficiaries of recent advisor moves.
September 21

Advisors Betty Schutte-Box and Troy Yenser join Raymond James & Associates — the firm’s traditional employee broker-dealer — in Richmond, Virginia. They come to RJA from Wells Fargo Advisors, where they managed approximately $222 million in client assets.

“We were looking for a firm that we felt was on the cutting edge of technology and planning software for our clients, and we were very impressed by the culture,” Schutte-Box said in a statement provided by Raymond James. “We felt that Raymond James would embrace us and allow us to focus on the investment management and planning side of our business.”

Wells Fargo declined to comment on the move.

Raymond James has also recruited advisor Stephen Bradley to its independent BD in Action, Massachusetts. Bradley has joined Boston Harbor Wealth Advisors, an independent practice aligned with RJFS.

Bradley comes to Raymond James and Boston Harbor Wealth from UBS, where he previously managed more than $160 million in client assets.

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“Raymond James provides me a broad spectrum of resources, so that I can offer customized solutions to my clients,” Bradley said in a statement provided by the firm. “But to me, it came down to culture and dedication to supporting the advisor-client relationship. The fact that they have not only a Client Bill of Rights, but also an outlined Financial Advisor Bill of Rights, is evidence of their continued commitment to both advisors and their advisors’ clients.”

UBS declined to comment on the move.

BHWA has been aligned with the RJFS Independent Contractor Division since 2015, when partners Matt Davis and Ryan Hendrickson co-founded the group, according to Raymond James. The pair started Boston Harbor Wealth with $130 million in AUM, and since then Davis and Hendrickson have grown their network of advisors, which now manages nearly $900 million in combined client assets.

Additionally, Raymond James Financial Services has also appointed a new northeast regional director for its independent contractor division.

Shannon Reid succeeded the retiring Tom Harrington in the position on December 3, 2018.

Reid has been with the firm since 2009, according to Raymond James. She has served in several roles that support financial advisors at the firm, including as the head of Retirement Solutions, vice president of Cash Management and Private Client Group Planning, vice president of Private Client Group Education and Practice Management, and most recently, senior vice president and divisional sales manager for the Raymond James & Associates Eastern Division.

In her new role, Reid will oversee the management of the Northeast ICD region, which includes Washington, D.C., Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Virginia.

“I am looking forward to supporting our independent financial advisors in the Northeast, and I am excited to leverage my breadth of skills and experience to continue growing our presence in this important region,” Reid said in a statement.

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