Raymond James attracts $460 million team from Morgan Stanley

A seven-person team formerly with Morgan Stanley has joined the Mt. Laurel, N.J., office of Raymond James & Associates, the firm's employee broker-dealer. The team. which manages more than $460 million in assets and had nearly $5 million in annual production, consists of advisers Todd Sherman, Jason Sobin and Michael Francisco, as well as financial planner Brian Baskin and three staff members, the company said in a release. Mr. Sherman, who started his career at Merrill Lynch in 1994 and later worked at UBS, had been with Morgan Stanley since 2007. Mr. Sobin began his career in 1998 at Merrill Lynch, where he met Mr. Sherman and the two formed a team. Mr. Francisco joined the group in 2008. The team works with late-career physicians, corporate executives, and high-net-worth individuals and families.