Morgan Stanley loses $250 million team to Raymond James

Morgan Stanley loses $250 million team to Raymond James
Raymond James picks up The Broadview Group amid its broader recruitment success this year.
DEC 14, 2016
An independent team of advisers managing more than $250 million in assets has left Morgan Stanley to join Raymond James Financial Inc. The team, based in Chapel Hill, N.C., operates as The Broadview Group, and had annual revenues of more than $1.5 million at Morgan Stanley, according to an announcement Tuesday. The group, which includes advisers Mark Rhoades and George Livanos, affiliated with Raymond James' independent broker-dealer, Raymond James Financial Services Inc., which has more than 3,600 independent advisers. Both Mr. Rhoades and Mr. Livanos had been advisers at Morgan Stanley for more than a decade. Raymond James has seen broad recruitment in 2016. The firm gained more net assets under management — around $9.5 billion — from adviser recruitment during the third quarter than any other brokerage, as it added 14 teams and lost one, according to InvestmentNews' Adviser on the Move data. The firm was also the top recruiter in the second quarter. At the same time Raymond James is gaining, Morgan Stanley saw the biggest loss in third-quarter recruiting, with $8.8 billion in net assets leaving the firm, according to InvestmentNews statistics. The Broadview Group has teamed up with Phoenix Financial Inc., another registered investment adviser and affiliate of Raymond James that's led by managing director William Farley Jr., according to the announcement. Phoenix has roughly $175 million in assets under management, according to its latest Form ADV filed with the Securities and Exchange Commission. “We wanted a change and were delighted to be introduced to Bill, whose fiduciary approach to investments is very similar to ours, and to Raymond James and its independent culture and client-first focus,” Mr. Rhoades said.

Latest News

Northern Trust names new West Region president for wealth
Northern Trust names new West Region president for wealth

The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.

Capital Group extends retirement plan services further with a focus on advisors
Capital Group extends retirement plan services further with a focus on advisors

The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.

Why RIAs are the next growth frontier for annuities
Why RIAs are the next growth frontier for annuities

David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.

Supreme Court slaps down challenge to IRS summons for Coinbase user data
Supreme Court slaps down challenge to IRS summons for Coinbase user data

Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."

Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director
Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director

Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.