UBS Loses $200M Advisor to Raymond James
Andrew Hutcheson managed $200 million and produced $1.2 million annually while at UBS, according to the press release. He says one of the main draws of Alex. Brown and Raymond James was their “pledge that you own your book of business.” At the end of last year, UBS — following Morgan Stanley — withdrew from the Protocol for Broker Recruiting, the industry accord that lets departing brokers take along some client data without threat of a lawsuit.
Meanwhile, Raymond James Financial chief executive Paul Reilly said recently that his company’s policy of letting reps take their books of business when leaving could be an incentive for others to join the firm.
“I also liked the idea of working with a company that owns a bank, rather than a bank that owns a wealth management company,” Hutcheson says in the press release.
LPL has onboarded 953 NPH advisors in the first wave, which completed last month, and expects to bring on about the same number in the next wave, expected to be completed this month, chief executive Dan Arnold has said, according to the publication.
About 62% of the advisors and about 70% of their production have so far onboarded to LPL, Matt Audette, chief financial officer, said in a call with analysts, according to the publication.
In its purchase of NPH assets for $325 million last August, LPL also offered a contingent payment of up to $123 million once it onboards 72% of production or more, FA magazine writes.
Many NPH advisors have opted to affiliate with other firms, such as Securities America, Woodbury Financial Services, Commonwealth Financial and FSC Securities.