Raymond James Financial bolstered its efforts to expand its employee-advisor division on the West Coast as it hired a UBS Wealth Management USA team with around $4 million in revenue in San Francisco, according to two sources familiar with the move.\u00a0<\/p>\n
The Scientia Wealth Partners team is led by Jason M. Schlesinger and Jason S. Cheu and includes client associate Stephanie Wong. They joined Raymond James\u2019 high-net-worth Alex. Brown channel on September 3, according to registration records.\u00a0<\/p>\n
One of the sources familiar with the practice said that they had managed around $600 million, although a second person close to UBS said that assets were closer to $470 million.\u00a0<\/p>\n
The duo began seriously considering a move in 2024 and evaluated firms from Rockefeller Financial to independent broker-dealer LPL Financial, the source familiar with their practice said.<\/p>\n
Neither Schlesinger nor Cheu returned requests for comment.\u00a0<\/p>\n
Schlesinger, a 28-year industry veteran, joined UBS in 2020 from Milwaukee-based Robert W. Baird & Co. He had been producing<\/a> around $1.9 million at the time. Cheu, who has 18 years of experience, also joined in 2020 from Baird.\u00a0\u00a0<\/p>\n Separately, 30-year broker John R. Lucas Jr. also joined Raymond James\u2019 Alex. Brown unit in San Francisco from UBS on September 3, according to the source close to the move. He leads an eponymous practice with another advisor and four support staff, according to their firm website.\u00a0<\/p>\n Lucas managed $300 million in assets and produced $1.6 million in annual revenue, the person said. The source close to his former firm said that assets were closer to $150 million.\u00a0<\/p>\n Raymond James executives last year said that its greatest expansion opportunities are on the West Coast and in the Northeast, which could eventually account for<\/a> half of the firm\u2019s asset growth. The firm had a market share on the West Coast below 2% as of 2023 but gained traction after it reshuffled management and named<\/a> Bert White as divisional manager that same year.\u00a0<\/p>\n Raymond James in July recruited<\/a> a $5.5 billion Comerica team in Los Angeles, and in May, landed a $1.2 billion team<\/a> from City National Beverly Hills.\u00a0<\/p>\n UBS for its part has sought to bolster<\/a> its broker recruiting efforts following an uptick in attrition<\/a> last year. It last week landed three teams with $2.7 billion<\/a> in combined assets from Morgan Stanley and Merrill Lynch.\u00a0<\/p>\n