Raymond James adds Morgan Stanley adviser with $360 million in AUM

Adviser Stephen Besse will be part of the firm's presence in northern California

May 12, 2014 @ 12:27 pm

By Mason Braswell

Stephen Besse
+ Zoom
Stephen Besse

Raymond James has picked up a former Morgan Stanley adviser with $360 million in assets, as the firm looks to expand on the West Coast.

Adviser Stephen Besse joined Raymond James & Associates Inc.'s Walnut Creek office on May 2, having previously produced some $1.35 million in annual fees and commissions, according to Nathan Clakley, the complex manager for Raymond James in northern California.

The average Morgan Stanley adviser produced $881,000 in trailing-12 month fees and commissions, according to filings with the Securities and Exchange Commission.

Raymond James' disclosures do not break out average revenue per representative. Approximately 2,438 advisers were in Raymond James' traditional employee division at the end of March, according to the firm's filings.

Mr. Besse will be the firm's 21st adviser in the northern California division, which comprises four offices in Walnut Creek and the greater San Francisco area. Raymond James is based in St. Petersburg, Fla.

“People are discovering Raymond James in northern California for the first time,” Mr. Clakley said. “We're really just getting our physical presence out here going.”

Mr. Clakley declined to specify the recruiting goals for the year. He said the recruiting market in California was becoming “more fluid” and that more advisers were “willing to listen to alternatives at this time.”

Mr. Besse started his career in 1994 at Citigroup Global Markets Inc., whose brokerage unit was acquired by Morgan Stanley in 2009.

A Morgan Stanley spokeswoman, Christine Jockle, confirmed that Mr. Besse had left the firm but declined to comment.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

How politics are moving markets

The financial services industry stands at the unique intersection of politics and market fluctuation. Clients are anxious and the right adviser can steady he waters. Scott Kubie of Carson Group explains how.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

T. Rowe Price steps up its game to serve financial advisers

The Baltimore-based mutual fund giant is more aggressively targeting financial advisers with a beefed-up wholesale crew and placement on custodial platforms.

The most important tax changes for 2018

The Internal Revenue Service issued inflation adjustments to more than 50 tax provisions for 2018.

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

Mandated contributions to Roth accounts would likely only be partial, as opposed to having a full repeal of pre-tax accounts.

E*Trade acquiring custodian Trust Company of America

Discount broker buying second-tier custodian for $275 million.

Another thousand Dow points higher, and investors yawn

Market milestones keep falling like dominoes, with 51 records broken so far this year.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print