Movement affecting Morgan Stanley (MS) advisors is still heating up this summer, with Raymond James (RJF) and an LPL Financial-hybrid affiliate (LPLA) attracting three teams from the firm on Tuesday. Still, Morgan Stanley is recruiting from rivals as well, and it picked up a Wells Fargo (WFC) team on June 5.
Raymond James‘ employee channel says it successfully recruited Robert D. Powell, Walter M. Urban and Tyler Mercer, who recently formed Alpha Capital Partners in Mount Laurel, N.J. The ex-Morgan Stanley Smith Barney team had previously managed $187 million in client assets and had annual fees and commissions of $1.45 million.
“We are thrilled to welcome such an accomplished team to Raymond James,” said Ira Federer, the Eastern Division director of Raymond James & Associates, in a press release. “They are extremely talented, with a proven track record, and bring extensive experience to our firm. We could not ask for a stronger group to open the first RJ&A office in Mount Laurel.”
“Our team was committed to moving our practice to a smaller, more responsive firm that was not Wall Street-based,” said Urban, in a statement. “We wanted a firm free of the incessant negative headline risk that plagued broker-dealers owned by the larger, multinational banks. Our search identified Raymond James as being a firm with a high level of integrity and a reputation for doing things, ‘right’ for their clients.”
Urban, a former captain in the U.S. Navy and Navy Reserve, started his advisory work with Legg Mason in Philadelphia.
A senior vice president of investments, Powell has more than 40 years of experience in the industry, having begun his career with Janney Montgomery Scott. He spent 17 years with Morgan Stanley Smith Barney and its predecessor firms.
Mercer began his career with American Express, later joining Legg Mason Wood Walker and ultimately Morgan Stanley.
Powell, Urban and Mercer specialize in providing their clients with trend-analysis portfolio management, which combines technical research with fundamental analysis to create core model portfolios.
“We also had the opportunity to ‘anchor’ a brand-new branch in a geographic area of our choosing. When we added all these factors together, our choice to move to Raymond James was an easy one,” Urban said.
For its part, Morgan Stanley says it is able to draw advisors from rival firms, including a Wells Fargo team that joined it on June 5 and previously had nearly $1.5 million in yearly production: William Schick and Paul Derrick joined MSSB in Syracuse, N.Y., and now report to complex manager Dean Wallace.