Merrill Lynch lost a team managing more than $2.9 billion to Raymond James & Associates, a spokeswoman said.
The move set a new recruiting record for Raymond James, surpassing a $2.4 billion team that left Morgan Stanley to join Raymond James in Florida.
Advisors Chris Mahoney, his brother Kevin Mahoney, Mark C. Marotta, Kristen Koluch, and Phil Murphy joined the firm in West Nyack, N.Y., about 40 miles from Manhattan.
The team, which is led by Mahoney, generated $7.7 million in annual production, according to Raymond James.
"Leaving a firm where I had the opportunity to build and lead a successful team was bittersweet," Mahoney said. "But we have a long-established value proposition that our clients have come to expect and that we believe can be delivered partnering with Raymond James."
Tom Galvin, North Atlantic regional director for Raymond James, said the firm is "most fortunate to have been able to attract such an experienced, quality team to open a new RJA office in West Nyack."
The team has several industry veterans. Mahoney joined Merrill in 1982, according to Raymond James. He has been previously named a top Barron's advisor, the firm said.
His brother joined the industry in 1991, also with Merrill. Marotta started his career with Gabriele, Hueglin & Cashman in 1980. He moved to Merrill in 1994.
Koluch and Murphy joined the Mahoney group in 2003.
"Having the Mahoney Group join [Raymond James] is just another illustration of the momentum we have built in attracting sophisticated teams of successful advisors from across the industry to affiliate with Raymond James," Tash Elwyn, president of the firm's Private Client Group, said.
Also moving to Raymond James are senior registered sales associates Kitty Zacharczyk, Laura Plocharczyk and Christina Hoerter; branch operations specialist Mary Beth Clinton; investment portfolio specialists Thomas Small and Christian Marotta and registered sales associate Steven Zacharczyk.
A Merrill spokeswoman could not immediately be reached for comment.
- $1.3M Wirehouse Team Moves to RBC
- Merrill Advisors With $500M Go Indy
- Steward Partners Recruits $1.75M Advisors