Raymond James recruited two advisors who managed more than $400 million in combined client assets, a spokeswoman said.

The firm has been on a long-running recruiting campaign. Raymond James has been enticing over wirehouse and other advisors with a corporate culture the company says is more broker-friendly.

The advisors joined Raymond James after the firm announced in July that it would cut broker compensation due to rising costs.

The brokerage firm's newest recruits made the move last month from Baird and J.P. Morgan Securities. Rosa Ebling and Jack Bayer joined a Raymond James' employee branch in Chicago, where they report to branch manager Brian Lampsa.

Ebling, who was previously affiliated with Baird, cited Raymond James' culture as well as its implementation of the fiduciary rule as reasons she joined the firm.

"I am also very impressed with Raymond James’ response to the initial DoL regulations by allowing advisors as much flexibility as possible to meeting the needs and financial goals of all my ERISA clients," Ebling said in a statement.

Raymond James, like many other brokerages, has previously said it would maintain commission-based offerings for clients under the rule.

Ebling had worked at Baird since 2007, according to FINRA BrokerCheck records. She started her career at William Blair in 1987.

Bayer had been with J.P. Morgan since 1985, according to BrokerCheck.

Slideshow
Advisors on the move: 37 of the biggest recent jumps
Raymond James grabbed five multi-million teams in a month. Other firms to see big transitions include Wells Fargo and Ameriprise.

A spokesperson for J.P. Morgan declined to comment and Baird was unavailable for immediate comment.

The advisors joined Raymond James after the firm announced in July that it would cut broker compensation due to rising costs. The new plan goes into effect during the firm’s next fiscal year beginning on Sept. 25, 2017.

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Amanda Schiavo

Amanda Schiavo is an associate editor for Financial Planning. Follow her on Twitter at @SchiavoAmanda.