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Merrill Lynch and UBS Lose FAs to Raymond James

April 10, 2018

Raymond James continues luring advisors from rivals, most recently adding a representative from UBS Financial Services and another one from Merrill Lynch.

Dean Hoover, who managed $70 million at UBS, has joined the Clearwater, Fla., office of Steward Partners Global Advisory, the employee-owned independent partnership associated with Raymond James Financial Services, Steward Partners says in a press release.

Hoover has been in the industry since 1996 and has already worked at Raymond James & Associates, the firm’s traditional employee broker-dealer, from 1995 to 2005, according to his BrokerCheck profile.

He had been with UBS for nine years before coming to Steward Partners this month, according to BrokerCheck.

"The value of the independent route, and of Steward’s model in particular, is that it allows me the freedom to develop investment strategies that place my clients’ interests first,” Hoover says in the press release.

Raymond James & Associates has also picked up a Merrill Lynch advisor earlier this month, according to AdvisorHub. Jana Adele Carlson, who joins Raymond James’ Modesto, Calif., office, started in the industry with Merrill Lynch in 1984 but left in 2000 for stints at Citigroup and Morgan Stanley before returning to Merrill Lynch in 2016, according to her BrokerCheck profile.

She confirms to the website that she’s joined Raymond James as a non-producing manager. A Merrill Lynch spokeswoman declined comment to the website, while Nathan Clakley, Raymond James’ San Francisco Bay area complex manager, tells the website Carlson will primarily serve advisors.

Raymond James and Steward Partners have been on a tear in recent months luring their rivals’ advisors. Earlier in April, Steward Partners picked up two veteran RBC Capital Markets advisors.

In March, Raymond James Financial Services nabbed two Wells Fargo representatives overseeing more than $300 million, and two other Wells Fargo Advisors representatives collectively overseeing $170 million went to Steward Partners in February. Since December, many Merrill Lynch and Morgan Stanley advisors have joined Raymond James & Associates.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.