Raymond James Financial

One of the regional firm's new hires had a previous career as a minister in Louisiana.

Experts say such cases are commonly filed by advisors yet difficult to win.

The new hires join the fast-growing regional firm from Baird and J.P. Morgan Securities.

Three quarters of the firm’s 57 new recruits have come from the largest firms.

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The regional broker-dealer adds another team to its roster while wirehouses continue to scale back on recruiting.

Smaller brokerages are benefiting in big ways from cutbacks at three of the four largest firms.

The new hire previously managed three UBS locations that generated $110 million annual revenue, according to the regional broker-dealer.

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Raymond James grabbed five multi-million teams in a month. Other firms to see big transitions include Wells Fargo and Ameriprise.

The group previously generated almost $2 million in annual revenue, according to their new employer.

They made the move in part because of the marketing and research resources the firm offers, says new hire Todd Kissel.

The regional bank is looking to broaden its wealth management offerings and recruit additional financial advisers.

The new hires joined a recently opened branch in Tuscon, Arizona, continuing a push west for the regional firm.

"This is a challenging time for the firm with the DoL rule," CEO Paul Reilly said.

The two advisers bolted in a quarter that saw their ex-firm lose 130 advisers.

Depending on business mix, some advisers could see a pay cut.

Despite hiring pullbacks at the larger firms, there's been no shortage of multibillion dollar moves.