Jan 28 Raymond James Financial Inc has
expanded its adviser base in Texas with a veteran duo from top
U.S. brokerage Morgan Stanley Wealth Management.
St. Petersburg, Florida-based Raymond James said on Monday
that advisers Marlene Fowler and Christopher Fowler joined the
company's Houston branch earlier this month.
The husband-and-wife team, also known as Fowler Financial
Group, managed more than $70 million in client assets at Morgan
Stanley Wealth Management, the brokerage majority-owned by
Morgan Stanley and partially owned by Citigroup.
Before joining Morgan Stanley, the advisers worked at A.G.
Edwards, where they managed more than $100 million in client
Raymond James also said on Friday it added a team of former
Morgan Stanley advisers in Newtown, Pennsylvania. Those
advisers, known as M2K Financial of Raymond James, managed $146
million in client assets at Morgan Stanley.
Morgan Stanley declined to comment on the departures.
Both teams joined Raymond James & Associates, the company's
traditional employee broker-dealer. Raymond James 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 who managed $392 billion of client
assets as of the end of December.
Raymond James Chief Executive Paul Reilly said in an
interview last week that he expects more advisers to join the
firm once it finishes integrating its Morgan Keegan brokerage
unit next month.
In 2012 Raymond James added at least 52 veteran advisers who
managed more than $5.7 billion in client assets at their old
firms, based on moves tracked by Reuters.
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 Americas.