Two Morgan Stanley advisors went independent.

A team of advisors with about $190 million in client assets has moved back to independence, after five years with Morgan Stanley (MS).

Jerod Wurm and Casey Frye recently opened an independent practice with Wells Fargo Advisors (WFC) Financial Network in Roseville, California, near Sacramento. The team does business for FiNet as Wurm & Frye Wealth Management, and each member has about 17 years in the business.

Prior to joining Morgan Stanley in 2010, the two advisors worked as indie reps affiliated with LPL Financial for seven years. Before going independent, they worked for Prudential Securities, Pruco Securities, American Express and IDS Life Insurance.

This news comes on the heels of the departure of advisor Mark Bailey, who left Morgan Stanley nearly three months ago to join FiNet. Bailey is based in Williamsville, New York, has 28 years of industry experience and reportedly manages about $285 million in client assets.

Before joining LPL Financial and going indie from 1996 to 1998, he was with Merrill Lynch, Prudential Bache and Shearson Lehman. After LPL, he moved to UBS for two years, before joining Morgan Stanley in 2010.

While Frye has a clean record with the Financial Industry Regulatory Authority (as does Bailey), Wurm has several disclosures. In 2008, the advisor settled a customer dispute for $5,000. The client had sought $360,000 related to the unsuitability of a variable annuity and the failure to disclose certain terms.

In 2011, FINRA held a hearing on what appears to be the same dispute, concerning an annuity purchased with a mortgage in 2006. It determined that Frye should be sanctioned for $5,000 and suspended for 10 days.