Raymond James is making changes to its advisor recruiting and transitions as the firm reports a drop in client assets in February.

Raymond James Financial, the company’s private client group, saw its AUM shrink to $144.5 billion at the end of February, a drop of 5% from the end of January, according to a press release from the company. Markets first began tumbling in mid-February amid economic concerns about the effects of the coronavirus outbreak.

Client AUM at RJF, meanwhile, fell to $854.8 billion by the end of February, which also represents a 5% decrease from the prior month, Raymond James says.

The company has also stopped holding in-person advisor recruiting meetings and is deferring “numerous advisor transitions to Raymond James due to COVID-19,” Raymond James chairman and CEO Paul Reilly says in the press release.

“During these challenging times, our top priority is the health and safety of our associates and advisors as they remain steadfast in serving clients,” Reilly says in the press release. “I am proud of the dedication and commitment of our associates and advisors as we execute on our business continuity plans to continue providing service to clients.”

Earlier this month, Raymond James announced that it has canceled all events and conferences through the end of April, eliminated all work-related travel and began limiting the number of people working in its offices.

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