Ex-Morgan Stanley (MS) financial advisors Marlene M. Fowler and Christopher F. Fowler joined the Houston branch of Raymond James (RJF), the broker-dealer said Monday. This is the second Morgan Stanley team--and the second married couple--to join the traditional employee channel of the firm in the past week.
The most recent husband-and-wife team to move to Raymond James does business as the Fowler Financial Group and has managed more than $70 million in client assets and had annual fees and commissions of more than $700,000.
On Friday, another team including a husband and wife came to Raymond James, which is led by Paul Reilly (left); they are Philip T. Maurer, David M. Kushner and Barbara Maurer. The team, M2K Financial, should move with about $146 million in client assets and annual fees and commissions of more than $935,000.
"Clients are sure to benefit from the Fowlers’ years of investment experience and the expertise they bring to our Houston office,” said Chuck Zimmerman, Houston complex manager for Raymond James & Associates, in a press release. “They have demonstrated a history of serving the interests of their clients ahead of their own, which fits exactly with the Raymond James client-first culture.”
Prior to joining Morgan Stanley—where they were both senior vice presidents—the team spent a combined 29 years at A.G. Edwards, where they managed about $100 million in client assets and had annual revenues of more than $1 million. (They left A.G. Edwards when it was acquired by Wachovia in 2007 and moved to Morgan Stanley.)
"We are so proud to be with a firm that shares our core values of ethical corporate behavior and that has produced 100 consecutive quarters of profitability,” said Marlene Fowler, in a statement. “Raymond James has a true client-first business approach, and the firm is clearly focused on helping advisors succeed in their practice."
Given their many years of industry experience, the two new Raymond James advisors should be eligible for a new payout grid being rolled out within the employee channel in October 2013.
Raymond James total advisor headcount in the United States was 5,427 as of Dec. 31, 2012, down 25 from the earlier quarter and up 932 from a year ago, when it had 4,495 reps and had not yet acquired Morgan Keegan. (Without the Morgan Keegan reps, Raymond James’ U.S. headcount was 4,558 as of Dec. 31.)