Jan 25 Raymond James Financial Inc said
on Friday it added a veteran team of advisers from top U.S.
brokerage Morgan Stanley Wealth Management, expanding the
company's adviser footprint in Pennsylvania.
Philip Maurer, his wife, Barbara Maurer, and David Kushner
moved to Raymond James on Wednesday from Morgan Stanley's wealth
management division, the largest U.S. brokerage partially owned
by Citigroup Inc.
The advisers managed $146 million in client assets at Morgan
Stanley and generated annual revenue of $935,000. The adviser
team, also known as M2K Financial of Raymond James, was joined
by senior registered client service associate Bernadette
D'Onofrio. They are based in Newtown, Pennsylvania.
Morgan Stanley declined to comment on the departures.
The advisers joined Raymond James & Associates, Raymond
James' traditional employee broker-dealer.
The St. Petersburg, Florida-based company also has an
independent broker-dealer division in the United States and
smaller brokerage units in Canada and Britain.
With its broker-dealer subsidiaries, Raymond James had 6,289
advisers and representatives at the end of December. They manage
roughly $392 billion client assets.
Raymond James Chief Executive Paul Reilly said in an
interview on Thursday that he expects more advisers to join the
firm once it finishes integrating its Morgan Keegan brokerage
unit next month.
The company benefited from the movement of veteran advisers
who departed their firms, primarily larger bank-owned
brokerages, in 2012. Advisers told Reuters that firms like
Raymond James offer more focus on client investment needs rather
than also worrying about the company's bottom line.
Raymond James added at least 52 veteran advisers who managed
more than $5.7 billion in client assets at their old firms in
2012, based on moves tracked by Reuters.
Reuters tracks the moves of individual advisers or teams
that manage around $100 million or more in client assets, which
typically translate into $1 million or more in annual revenue
The majority of the recruits came from one of the top four
U.S. brokerages, or so-called "wirehouse" firms -- Morgan
Stanley Wealth Management, Bank of America Corp's Merrill Lynch
, Wells Fargo Advisors and UBS Wealth Management