A New Jersey-based advisor with about $165 million in managed assets is the latest to ditch the wirehouses, moving from UBS to Raymond James’ independent advisor channel.
Andrew Ober is the director/partner for 1792 Wealth Advisors, based in Neptune, N.J. He works with client relations specialist Kathleen Cembor, offering personalized investment management and financial planning.
Ober first joined the industry in 1983, working at Merrill Lynch for more than 20 years, according to his BrokerCheck profile. In 2015, he moved from Merrill to UBS until the latest shift to Raymond James.
“My clients and their financial well-being are my top priority and consideration when making any decision, including choosing a partner firm,” Ober said, citing Raymond James’ “independence, resources and technology” as the attributes sweetening the deal.
In the past several months, Raymond James has attracted several advisors and teams into their stable, including a $160 million AUM Texas-based team and a $100 million advisor out of Durham, N.C. (both of whom came over from Edward Jones).
Late last month, Raymond James reported a record $1.37 trillion in client assets under administration and a record AUM of $215 billion. Last year, the firm found its recruiting pipeline slowed, mainly due to the departure of Concurrent Investment Advisors, a team of approximately 60 advisors that dropped its Raymond James affiliation in the fall of 2022.
In August, the $2.6 billion Summit Financial Group fled Securian Financial Services shortly after Cetera made a deal to purchase that firm’s wealth business. The 16 advisors and 23 branch professionals joined with Raymond James’ indie advisor channel.