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Raymond James scoops up $480M team from UBS

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Raymond James has picked up a team that managed more than $480 million in client assets while at UBS, making it the latest grab for the regional brokerage firm, which has been on a long-running recruiting campaign.

The new hires include advisors Dean Dancer, T.J. Goelz, Steven Grossman and Joe Malave. They joined Raymond James's employee side in Sarasota, Florida, the company said.

“What attracted us to Raymond James were the culture and the firm’s commitment to book ownership,” Goelz said in a statement.

One of the biggest notable losses came from Merrill Lynch, which lost a team managing $1 billion to the independent space.
April 11

The team is comprised of veteran financial advisors. Dancer, Goelz and Grossman each have 19 years of industry experience, according to FINRA BrokerCheck records. They had been with UBS since 2009 and previously worked at Smith Barney.

Malave has 24 years of industry experience and joined UBS in 2011, per BrokerCheck records.

Also moving with the team are Pamela Miller, a senior registered client service associate and Blake Caldwell, a registered client service associate.

A spokeswoman from UBS declined to comment.

Last year, UBS left the Broker Protocol, an industrywide agreement that permits brokers to take basic client contact information with them when they switch firms.

Though being outside the protocol may make it more difficult for advisors to smoothly switch employers, a few brokers have still opted to make career changes. For example, a UBS team that managed about $300 million left the firm to join Stifel in April.

And Steward Partners, an independent firm affiliated with Raymond James, picked up a veteran UBS advisor in April. The broker generated about $900,000 in annual revenue, according to his new employer.

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