Raymond James, one of the largest independent brokerage firms in the US, has exploited the shakeup to Wall Street firms by poaching 43 financial advisors from firms including Wachovia, Merrill Lynch and UBS in the last three months of 2008.

New York-listed Raymond James said the new recruits had brought more than $3 billion in assets to the firm with an average yearly production of $590,000.

The group named former Wachovia/AG Edwards representatives Todd Brandstadt from Michigan; Vicky Campbell, Ruth Doepel and Therese Meike from Illinois; and Gerry Saelzer and Jeff Atlas from Florida, who combined brought $850 million in assets to the group.

It also named three advisors who left two teams at Merrill Lynch during the period, including James Sims of Atlanta; and Charles Nemes and Timothy Rush of Michigan, who combined manage more than $610 million in client assets, according to Raymond James.

From UBS the firm said it signed on Steve Crabtree of Tennessee who brought more than $180 million in client assets to the group.

“The calibre of this quarter’s recruits is exceptional… Advisors are looking for stability in these turbulent times,” said Raymond James president Dennis Zank.

Boston-based consultancy Aite noted that the trend for advisors leaving the large brokerage houses will be one of the top 10 securities and investment trends of 2009.

Based on a survey of advisors within the large brokerage firms at the end of last year, the consultancy found 26 per cent of advisors were considering leaving to “go independent.”

“Twenty-six per cent is a big number because when you think about what goes with becoming independent – compliance, running a firm, hiring staff, due diligence, etcetera – advisors who are seriously contemplating are part of a smaller group within the large brokerage firms that have a business big enough to support this move,” said senior Aite analyst, Alois Pirker.

He said there are also a lot of advisors seeking to leave the big brokerage firms in search of support and stability.

“Clients are in a different situation than they were in 2008… now clients have less money in their accounts and many of them are approaching the drawdown phase, the brokers that can help advisors help their clients generate cash flow will be well placed in this environment,” he said.

Raymond James, with 5,000 advisors nationwide, has positioned itself to pick up advisors as they fall out of the Wall Street brokerage firms. Mr Zank said: “The firm’s conservative management structure allows advisors to enjoy complete support and trust.”

Raymond James also operates a large network of affiliated independent financial advisors in countries such as the UK.