Wells Fargo (WFC) and Raymond James (RJF) have recently attracted teams from Morgan Stanley (MS), while several groups of independent advisors have affiliated themselves with broker-dealers such as LPL Financial and organizations like HighTower Advisors.
Wells Fargo Advisors (WFC) said Thursday that it just recruited Alison Scavone and William “Hayden” Bates in Westport, Connecticut. At Morgan Stanley (MS), the team managed more than $348 million in combined assets; they have more than 40 years of combined industry experience.
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James Switzer and Eric Cobb have moved from Morgan Stanley to Raymond James Financial Services (RJFS), the independent broker-dealer channel of Raymond James, in Spartanburg, South Carolina.
The team operates as Switzer Cobb Wealth Partners. At Morgan Stanley, it managed $180-plus million in client assets and had annual fees and commissions that topped $1.3 million.
“We felt the time had come to be an independent business and grow our own brand, but we still wanted access to all the resources and support of a major firm,” Switzer said in a statement. “Raymond James was the perfect fit. Since our transition, we have been overwhelmed by how friendly and helpful everyone is … We also appreciate the firm’s technology and back office support, while being in control of our own practice and destiny.”
Switzer began his career at Merrill Lynch in 1990, moving to Morgan Stanley in 2008. Cobb started his work in the business at Merrill Lynch in 1996 and switched with Switzer to Morgan Stanley in 2008 to open the firm’s first Spartanburg office.
LPL Financial (LPLA) says the Financial Advocacy Network of the greater Washington, D.C., area has joined its broker-dealer and RIA custodial platform. The 13 advisors of FAN, a newly launched independent hybrid RIA group, have some $450 million of client assets.