Raymond James, the top recruiter for two quarters in a row now, has nabbed an independent team of advisors who managed $250 million at Morgan Stanley, InvestmentNews writes.
Mark Rhoades and George Livanos are affiliating their firm, the Broadview Group, with Raymond James Financial Services, the independent broker-dealer of Raymond James, according to the publication. Their firm is partnering with the RIA and Raymond James affiliate Phoenix Financial, which manages around $175 million, according to the firm’s Form ADV cited by InvestmentNews. Rhoades says that his firm was attracted to Raymond James’ “independent culture and client-first focus,” the publication writes. He and Livanos had been with Morgan Stanley for over a decade.
Morgan Stanley has seen several significant departures recently without much recruitment. The firm lost $8.8 billion in net assets in the third quarter, according to InvestmentNews statistics. As of the middle of October, Morgan Stanley shed fifty advisor teams in just six months.
Raymond James, meanwhile, has been on a recruiting spree. The $9.5 billion it’s gained in assets under management through recruitment in the third quarter is the most of any brokerage, according to InvestmentNews. The firm came out on top in the second quarter as well, according to the publication. Late last month, Raymond James picked up several teams from LPL, RBC Capital Markets and Wells Fargo collectively managing $900 million in client assets.
At the beginning of November, the firm announced that it had recruited several advisors from Merrill Lynch, Edward Jones and Wells Fargo who collectively oversaw $800 million in client assets.