Raymond James strengthens advisor network with $340M Morgan Stanley team

Raymond James is extending its presence in South Florida as it welcomes a new team to its employee advisor channel. The Behar-Nagel Group, led by financial advisors David Behar and David Nagel, has officially joined Raymond James Associates in its Hallandale Beach office.

Behar and Nagel are coming on board from Morgan Stanley, where they managed a sizable book of business amounting to roughly $340 million in client assets. Lynne Kistenmacher, who serves as senior registered client service associate, joins them in the move.

“We found Raymond James to be the right fit for our team and clients,” Nagel said in a statement. “The firm's commitment to domestic and international clients, as well as the respect it has for advisors, made the choice simple.”

The Behar-Nagel Group delivers comprehensive wealth management solutions to a diverse clientele, including business proprietors, corporate executives, family offices, and retirees.

Behar, who leads the practice as managing director, has amassed significant expertise in banking and wealth management over the course of his 43 years in the industry. His lengthy resume includes two decades spent at a number of banks – including Israel Discount Bank, Multi Commercial Private Bank Switzerland and Multi Commercial Private Bank – after which he began his career as a financial advisor in 1999. He joined UBS in 2005, then moved to Morgan Stanley nine years later.

Nagel got his start in financial services at Morgan Stanley, where he served for six years as a financial advisor.

The Behar-Nagel Group’s move to Raymond James comes right after the firm welcomed another Florida-based advisor from Morgan Stanley, Enrique Gumucio, as its newest senior vice president of wealth management at Raymond James Associates.

“The combination of a robust investment and banking system coupled with readily accessible management across every department was a key factor in my decision to join Raymond James,” Gumucio said.

On Tuesday, several news outlets reported that Morgan Stanley is planning to cut several hundred jobs at its wealth management business.

The planned layoffs will impact less than 1 percent of employees in the unit, according to an unnamed source familiar with the matter.