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Financial Planning > Behavioral Finance

Raymond James, LPL Add Teams From Morgan Stanley

By Janet Levaux

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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.

Other News

Securities America, part of Ladenburg Thalmann Financial Services (LTS), said recently that it hired Elizabeth Morris as regional director for branch office development.

Morris is working with individual advisors, branches and large offices in Texas, Oklahoma, New Mexico, Arkansas and Louisiana. She has 20-plus years of experience in the financial-services industry.

“I’ve seen the industry from all sides, including as an advisor and in the wholesale environment. Now, I am eager to get started on this new challenge of recruiting,” Morris said, in a statement. “To me it is about maintaining relationships and letting advisors find a broker-dealer that enables them to provide the highest level of service to clients and build the business they want.”

Prior to joining Securities America, Morris was a divisional vice president with AIG Financial Distributors. She will be based in Dallas

“We have an accomplished recruiting team in place and Elizabeth’s experience and network adds strength and depth to the group,” said Gregg Johnson, executive vice president of branch office development and acquisitions at Securities America, in a press release. “Her diverse industry experience will be an asset as we continue managing a robust pipeline of advisors, branches and producer groups seeking a broker-dealer that best supports their practice.”

The independent broker-dealer has more than 1,800 independent advisors and $50 billion in client assets.

Foothill Growth

Santa Clara, California-based Foothill Securities, a financial advisor-owned independent broker-dealer, said Friday that California Financial Advisors has joined its platform with some $1 billion in client assets.

Based in San Ramon, California, California Financial Advisors has eight advisors and operates as a hybrid practice serving investors through both fee- and commission-based service models. “The decision by California Financial Advisors to join our platform shows that independent advisors recognize our firm’s unique strategy, service culture and ownership structure,” said Steve Chipman, president and CEO of Foothill Securities, in a statement.

“We wanted to be sure that our broker-dealer’s focus would be on us and our practice, not on pressures from outside investors, a broader parent company’s corporate goals or an agenda of pushing proprietary products and arbitrary quotas,” explained Mark Pitre, managing principal of California Financial Advisors, in a press release.

Foothill was formed in 1962, is owned by advisors and supports about $6.5 billion in brokerage and advisory assets.

“With our commitment to serving advisors above all else, outstanding track record of retention and competitive payout rates, Foothill Securities is perfectly positioned to execute on our strategic growth plan of doubling our revenue over the next five years,” Chipman added.

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