Raymond James nabs $203 million team from Morgan Stanley

Raymond James is coming off several strong quarters of adviser recruiting.

O’Neill Wealth Management, a Mount Laurel, N.J.-based advisory firm with $203 million in client assets, has left Morgan Stanley to join Raymond James & Associates, the firm’s employee broker-dealer.

The advisory firm is comprised of a team of three advisers — Thomas O’Neill and his two children, Jessica O’Neill and Thomas O’Neill Jr.

(More: Raymond James, on a recruiting roll, looks for an acquisition in the West)

The elder Mr. O’Neill started the eponymous firm five years ago. He has 36 years in the securities industry, and aside from Morgan Stanley was formerly registered with the brokerage firms Merrill Lynch, A.G. Edwards, UBS and Citigroup, according to his BrokerCheck report.

Clients of O’Neill Wealth Management are predominantly business owners, physicians and high-net-worth families, according to a news announcement.

Raymond James Financial Inc., the parent of Raymond James & Associates, has demonstrated strong recruiting over the past few years. In 2017, it reported a nearly 6% increase year-over-year in adviser headcount. The firm said that as of June this year it had a record number of advisers — 7,719 — a gain of 6% year-over-year.