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Raymond James Adds $1.9M Ex-Morgan Stanley Team

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Raymond James said Monday that it added a former Morgan Stanley (MS) team to its employee-advisor office in Washington, D.C.

Douglas W. Richards and Sheldon Ray Jr. join the firm with about $150 million in client assets and yearly fees and commissions of $1.9 million.

“We’re very pleased to have advisors with Doug and Sheldon’s experience, professionalism and success join our Washington office,” said Tom Galvin, North Atlantic regional director for Raymond James & Associates, in a statement.

“We’re committed to expanding our presence in the mid-Atlantic and Northeast regions, and this team’s move is a result of those efforts,” Galvin explained. “Complex manager Warren Wright and the rest of our North Atlantic team all look forward to supporting them as they continue to grow their business.”

The team does business as R&R Global Asset Management of Raymond James.

“We find it so refreshing to experience a culture so contrary to that of Wall Street,” Richards said in a press release.

Richards began his career in financial services in 1977 with Thomson McKinnon Securities, which was later acquired by Prudential. He went on to partner with Ray, and in 2001 they moved to UBS (UBS), where they doubled their client assets under management.

The team made the switch to Morgan Stanley in 2008.

Ray began his financial services career with Prudential Securities in 1996. Previously, he worked for 11 years in the real estate investment business, including five years in Hong Kong.

Recently, Raymond James added eight advisors, including six from independent broker-dealer rival LPL Financial (LPLA), with a combined client-asset level of nearly $425 million and yearly fees and commissions of $2.2 million.

Meanwhile, Wells Fargo Advisors (WFC) brought in five FAs from Morgan Stanley. The new reps have a combined asset level of close to $530 million. Also, Merrill Lynch said it added a UBS team with $175 million. 

— Check out Merrill Grabs $3.1M Team From UBS in Palm Beach on ThinkAdvisor.