Raymond James, Equitable welcome breakaways from Morgan Stanley, JPMorgan

Raymond James and Equitable have each expanded their wealth management teams with recent hires from Morgan Stanley and JPMorgan, continuing a broader trend of experienced advisors breaking away from the wirehouse space.

Raymond James & Associates, the employee advisor division of Raymond James, has added the Huntington, West Virginia-based team of Jefferey Biederman Jr. and Andrew Burns, who together managed more than $465 million in client assets at Morgan Stanley.

The firm said on Monday that the advisors have launched Biederman Burns Wealth Management of Raymond James and will operate within its employee advisor channel.

The pair is joined by practice business manager Kelsey Patterson and senior client service associate Taylor Sherwood. The four-person team is now part of the Huntington branch led by branch manager Paul Jacobson.

Biederman, who takes on the role of managing director, brings nearly three decades of experience in the financial services industry, having spent 27 years with Morgan Stanley. Burns, serving as senior vice president of investments, has worked in the sector for nine years.

According to the firm, their client base includes business owners, families, and individuals preparing for retirement, along with corporate retirement plan sponsors. In a statement, the company said the team offers services including financial planning, estate strategies and wealth management.

Biederman and Burns are just the latest Morgan Stanley defectors to join RJA, which last year included a North Carolina-based veteran who was onboarded in September and a $514 million breakaway trio who switched in November and

Separately, Equitable Advisors announced that Shebna Olsen–Shillibeer has joined its New York City office from JPMorgan Wealth Management. She previously oversaw approximately $180 million in client assets.

With more than 30 years of experience, Olsen–Shillibeer advises individuals, corporate executives, and institutions on strategies that include investment planning, retirement income solutions, estate planning and educational funding.

“Helping clients define their financial objectives and map out the steps to achieve them has been my career’s focus,” Olsen–Shillibeer said in a statement issued by Equitable.

Equitable Advisors, the retail wealth arm of Equitable Holdings, reports having more than $100 billion in assets under administration and a nationwide network of approximately 4,600 financial professionals.