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Raymond James Poaches $300 Million FA Team from UBS

By Alex Padalka May 2, 2019

After slow growth in its advisor ranks in the first quarter and several departures in April, Raymond James has lured a pair of advisors from UBS, Raymond James says.

Financial advisors Lori Siegel, a 22-year veteran of the financial services industry, and Robert Russo, who’s been in the industry for 14 years, join the Houston office of Raymond James Financial Services, the company’s independent broker-dealer, as Centrix Wealth Partners, according to a press release from Raymond James.

The pair are joined by senior client service associates Cher Rudolphi and Shelli Cummings, and client service associate Chris Mack, the company says. The team previously managed $300 million at UBS, according to the press release.

“We knew the best next step for our team was to become an independent practice. It was a matter of finding the right firm, and Raymond James was the premier fit for us, and most important, our clients,” Siegel says in the press release. “The culture of the company is that clients always come first. In addition, Raymond James is advisor-centric, with in-depth resources and sophisticated technology available to all affiliated advisors. The firm’s culture, combined with the breadth of support, are what attracted us to the firm.”

During the first three months of 2019, Raymond James added 47 advisors, a 0.6% increase over the quarter prior and a 3.4% increase over the same quarter the previous year, as reported.

Last week, the company lost an advisor managing $120 million to RBC Wealth Management and another advisor overseeing $181 million to Janney Montgomery Scott.

Earlier in April, Raymond James also lost a pair of advisors overseeing $80 million to HilltopSecurities Independent Network and a pair of advisors managing $330 million to Stifel Financial.

But in the same month, Raymond James nabbed advisors from Merrill Lynch and SunTrust Investment Services who collectively managed around $377 million, and a trio of advisors who oversaw $240 million at Wells Fargo.