Raymond James Financial has shifted its recruitment strategy to focus on advisors with larger client portfolios, while total headcount growth has slowed. According to AdvisorHub, the firm attracted employee advisors and independent contractors managing around $17.5 billion in assets and generating $100 million in trailing 12-month production at previous firms. Including assets from its RIA & Custody Services, Raymond James' newly recruited assets reached a record $22.3 billion.

Raymond James maintains that this approach aligns with the firm's commitment to becoming a "destination for very large teams", due to its robust technology and high-net-worth offerings. Employee channel growth led recruitment gains, with the firm's employee advisor count up 4 percent from the prior year to 3,826, while the independent channel saw a slight decline. AdvisorHub reports that the firm recently bolstered its employee channel by recruiting a $1 billion-asset team from Merrill Lynch in New York.

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