An advisor who oversaw $327 million in client assets joined Alex. Brown, a high-end wealth management unit of Raymond James, the company said.
James Sheehan left UBS prior to the firm's
Raymond James acquired Alex. Brown from Deutsche Bank in 2015 in order
Overall, Raymond James has approximately 7,300 financial advisors and client assets totaling approximately $704 billion. The Alex. Brown unit has about 200 advisors.
Morgan Stanley alone lost 11 teams managing about $7 billion after its abrupt exit from the protocol pact, according to recent hiring announcements.
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The St. Petersburg, Florida-based firm has been an aggressive recruiter of advisor talent in recent years, and the Alex. Brown unit has not been an exception. In August,
For his part, Sheehan said he had been considering a move for some time. He was drawn to Alex. Brown and Raymond James for several reasons including its technology and culture.
"As a former active Marine, I recognize my life's purpose is to serve others, and so I wanted a firm that understood that service-first culture," he said in a statement.
Sheehan had been with UBS since 1999, according to FINRA BrokerCheck records. He generated more than $1.1 million in annual fees and commissions while at the wirehouse, according to Raymond James.
A UBS spokeswoman could not be reached for comment.
The wirehouse, following Morgan Stanley's lead, exited the Broker Protocol earlier this month. The industry pact permits advisors who switch firms to take basic client information with them.
