Richard Austin, along with client service associate Corrie Simpler, has joined Raymond James & Associates, the firm’s employee broker-dealer, in Montgomery, Ala., the company says in a press release.
Austin previously managed more than $193 million in client assets at UBS, Raymond James says.
In October, RJA lured a team of UBS advisors in Maryland overseeing close to a billion dollars.
Raymond James had 8,011 advisors at the end of September, a gain of 107 over the previous quarter. Since the beginning of October, Raymond James has also added advisors from Wells Fargo, Merrill Lynch, Morgan Stanley and RBC Wealth Management but lost a pair to LPL Financial.
UBS’ advisor ranks shrank around 4% in the 12 months ending Sept. 30, as reported.
However, Tom Naratil, co-head of UBS’s wealth management division along with Iqbal Khan, told Reuters last month that he’s confident the firm can shed even more advisors but still become twice as profitable by focusing on wealthier clients and more productive brokers.