Raymond James attracts $460 million team from Morgan Stanley

Three advisers, planner and three staff members join Mt. Laurel, N.J. office.
FEB 13, 2017
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.

Latest News

Easy to buy, harder to exit: The liquidity risk hidden inside ETFs
Easy to buy, harder to exit: The liquidity risk hidden inside ETFs

Getting a client into a fund has never been easier – but after that, the hardest part is yet to come.

FINRA bars NYLIFE rep who used smart glasses to cheat on Series 6
FINRA bars NYLIFE rep who used smart glasses to cheat on Series 6

A former NYLIFE Securities rep was permanently barred after using internet-enabled glasses to cheat on the Series 6 exam

Vanguard settled Just Invest lawsuit weeks before Altruist deal
Vanguard settled Just Invest lawsuit weeks before Altruist deal

Both of Vanguard's acquisitions have targeted the RIA industry, but the first ended in a legal settlement just weeks before buying Altruist.

Ex-Raymond James duo launch Proxima on Concurrent's platform
Ex-Raymond James duo launch Proxima on Concurrent's platform

Chris Davitt and Anupam Singh bring institutional recruiting muscle to a firm built for advisors chasing equity and independence.

Osaic names Sayee Bellamkonda as first chief AI and technology officer
Osaic names Sayee Bellamkonda as first chief AI and technology officer

Appointment continues a wave of AI leadership hires reshaping wealth management as advisory firms race to build out digital and data infrastructure.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income