Morgan Stanley (MS) has lost two teams with a total of $450 million in assets to independent broker-dealers.
On Friday, Raymond James Financial Services (RJF) said John Lipari and Richard Ribek joined it in North Palm Beach, Florida. They have managed $250 million in client assets.
“We considered several different firms and found Raymond James to be the best fit,” said Lipari, in a statement. “The firm’s client-first culture matches that of our own, which was of the utmost importance to us during our two-year due diligence process.”
Lipari, portfolio manager, began his career as a financial advisor 32 years ago at Merrill Lynch. In 1992, he became managing director at First Manhattan Company and moved to Morgan Stanley Smith Barney in 2002.
Ribek, CFP, started his work in financial services 16 years ago at American Express (AMP), where he worked as a financial planner. In 2005, he joined forces with Lipari at Morgan Stanley Smith Barney.
“We’re pleased to welcome this experienced team to our independent channel,” said Jodi Perry, Southeast regional director for RJFS, in a press release. “John and Rich’s decision to partner with Raymond James reflects their appreciation for our firm’s client-first focus, financial strength and extensive support and resources.”
Meanwhile, the father-daughter team of Lester and Sara Botkin have moved to LPL Financial (LPLA), according to FINRA records. (The news was first released in Monday’s “Wall Street Journal.”)
The team has about $200 million in client assets and is based in the Pittsburgh area. Also, the two advisors generated more than $1.6 million in fees and commissions, according to the paper.
Both advisors joined Morgan Stanley through its 2009 acquisition of Smith Barney from Citigroup. The father-daughter team came to Smith Barney in 2007 from Hefren-Tillotson.
Securities America, part of Ladenburg Thalmann Financial Services (LTS), said recently that it hired Elizabeth Morris as regional director for branch office development.