Raymond James sets record recruiting $2.4 billion Morgan team

The St. Petersburg, Fla.-based firm, which has focused on attracting veteran advisers from wirehouses or boutique firms, scored the largest coup in its 54-year history with the addition of a $2.4 billion team from Morgan Stanley Wealth Management.
AUG 07, 2015
Raymond James Financial Inc. has hit a new milestone in its quest to lure top wirehouse talent. The St. Petersburg, Fla.-based firm, which in recent years has been focused on attracting veteran advisers from wirehouses or boutique firms, scored the largest coup in its 54-year history with the addition of a $2.4 billion team from Morgan Stanley Wealth Management. That surpasses a $900 million team that the firm recruited in December from J.P. Morgan Securities. The six advisers, who on average manage $400 million compared with $129 million for all Morgan Stanley advisers, include industry veterans Don d'Adesky, W. Kristopher Lemke, Matthew Cicero, Jose Cabrera Sr., Kevin Gourrier and Ryan Weber. They operate as The Americas Group and will be part of Raymond James' employee-adviser channel, Raymond James & Associates Inc. (Advisers on the Move: All of Raymond James' other 2015 hires) Raymond James has around 6,400 advisers across its employee and independent advisory units. Those advisers manage some $502 billion, or an average of $78.4 million per adviser.

HIGH NET WORTH, INSTITUTIONAL CLIENTELE

The Americas Group, which will operate out of two Florida offices in Boca Raton and Miami, focuses on a mix of high-net worth clients and institutional clients, including insurance companies, car dealers and bankers located in the Caribbean region. Morgan Stanley spokeswoman Christine Jockle confirmed the group's departure but said the firm was no longer able to cater to the group because of a shift in how it classified certain clients. (Related: Morgan Stanley's 2015 adviser departures) “We were no longer able to accommodate their business model,” she said in an emailed statement. “They serve a number of smaller central banks in Caribbean and Latin American countries and for regulatory reasons, we are shifting coverage of these clients to our institutional business and will no longer serve them in wealth management.” Mr. d'Adesky said that he decided on Raymond James because it has “outstanding products and services designed specifically for that [institutional] client” in addition to a “strong” retail channel. He declined to break out what portion of the assets were from institutional clients. Mr. d'Adesky had looked at Raymond James a decade ago, but felt that the firm wasn't ready to handle his team's institutional business, he said. He changed his mind following the acquisition of Morgan Keegan & Co. in 2012. “They acquired some very particular skill sets,” he said. “That to me was one of the main reasons why [the acquisition] was a huge differentiator for that part of our business.” Mr. d'Adesky, who had been with Morgan Stanley since 2009, said he had a “wonderful experience” at the wirehouse and left on good terms. “They were extremely cordial and very nice,” he said. “They were definitely not wanting us to leave.”

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

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.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave