Raymond James recruits $300M Morgan Stanley team

Raymond James has snagged a $300 million team from Morgan Stanley Wealth Management. Craig A. Houck and Richard L. Schooley Jr. will join Raymond James' independent channel, operating as Dogwood Wealth Advisors, with offices in Atlanta and Savannah, Ga. (See who else has joined Raymond James) At Morgan Stanley, the advisers managed $300 million in client assets and had annual fees and commissions of $1.85 million. Dogwood Wealth Advisors focuses on retirement plan design and management, in addition to individual financial planning and asset allocation. “Our decision to move to an independent model came from the desire to have more control over the structure of our practice,” said Mr. Houck, managing partner and co-founder of Dogwood Wealth Advisors. “We wanted to align with a firm that emulates the culture and values of our clients, and we wanted to have the ability to steer the ship in the direction that is best for them.” (More: Raymond James scores J.P. Morgan team managing $900M) Mr. Houck will supervise the team's Atlanta office. He began his career 13 years ago at Morgan Stanley, working as a wealth adviser and senior vice president. Mr. Schooley, also a co-founder of Dogwood Wealth Advisors, spent 16 years as a wealth adviser at Morgan Stanley. Christine Jockle, a spokeswoman for Morgan Stanley could not be reached for comment.