RBC Wealth Management and Raymond James have recruited two major advisory teams from UBS, according to industry announcements released by July 31, 2026.
The teams manage more than $2 billion in combined client assets.
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The moves highlight the competitive landscape for high-net-worth portfolio managers across North America.
Focus Wealth Management Joins RBC
In Palm Beach Gardens, Florida, the seven-person Focus Wealth Management group left UBS to join RBC Wealth Management.
They bring approximately $1.5 billion in client assets.
The team specializes in exit planning and wealth transfer for business owners and ultra-high-net-worth families.
Managing Directors James "Trey" Mahoney III and Peter Foley Jr. lead the group, with Senior Vice President Justin Warzala.
Support staff include Lori DeJesus, Will Garrett, Paula Echeverry, and Thomas Cooper.
Ken Ross, Florida Complex Director at RBC, said the team sought direct access to local leadership and a client-first culture.
RBC has been expanding its ultra-high-net-worth practice, aiming to add 600 advisors by 2029. The firm operates 196 offices across 43 states.
Raymond James Adds Bloomberg Team
In Tinton Falls, New Jersey, Raymond James recruited Evan R. Bloomberg to its Essential Private Wealth unit.
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Bloomberg brought over $500 million in assets from UBS Financial Services, along with team members Kristopher Hargraves and Kristina Davila.
Bloomberg previously spent nearly a decade in hedge funds and six years in equity research.
He cited advisor independence and private wealth capabilities as key reasons for the move.
UBS reported 5,644 U. S.
advisors at the end of June 2026, down from 5,773 a year earlier.
CFO Todd Tuckner acknowledged elevated advisor rotation across the industry but expects normalization during 2026.
Separately, Wealth Enhancement announced the acquisition of Cloud Investments, an Alabama-based RIA with over $462 million in assets.
The deal marks Wealth Enhancement's entry into Alabama and pushes its national client assets beyond $158.9 billion.
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Cloud Investments President Don Cloud said the partnership will enhance resources while maintaining core values. The acquisition is scheduled to close on July 31, 2026.
