Nov 28 Raymond James Financial Inc said
on Wednesday it hired a veteran adviser from Morgan Stanley
Wealth Management to open a new branch office for the company in
John Dorsey, who has worked in the advising industry for
more than three decades, joined Raymond James in early November
as a senior vice president of investments and branch manager
based out of the firm's new Huntington, West Virginia, office.
Dorsey managed more than $215 million in client assets at
his old firm, where he had spent his entire advising career
before moving this year. He generated more than $800,000 in fees
and commissions last year.
Dorsey started his career in 1978 at E.F. Hutton, staying
with the firm over the years through a series of mergers and
acquisitions, joining Lehman Brothers and later Citigroup.
Dorsey was most recently a senior vice president at Morgan
Stanley Wealth Management, the brokerage formed out of the
merger of Morgan Stanley's wealth business and Citi's
Smith Barney in 2009.
Dorsey was joined at Raymond James by senior client service
associate Angela Watson, also formerly with Morgan Stanley. The
two joined Raymond James & Associates, the company's traditional
employee broker-dealer division.
Raymond James also has an independent broker-dealer division
in the United States and small brokerage units in Canada and
With its broker-dealer subsidiaries, Raymond James has more
than 6,300 advisers managing about $390 billion in client
assets. The company's acquisition of Memphis-based brokerage
Morgan Keegan in April added the firm's roughly 1,000 advisers.