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Raymond James Adds $170M Morgan Stanley Duo, Shares Financial Update

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Raymond James recruited veteran financial advisors Wayne and Therese Green to its independent channel in Houston from Morgan Stanley, where they managed about $170 million in client assets, the firm said Thursday.

The husband-and-wife team works as Sage Street Financial Advisory.

“We’re proud that Raymond James’ extensive support, client-first culture and breadth of resources continue to be differentiators in the eyes of experienced advisors like Wayne and Therese,” according to Kirk Bell, Central U.S. regional director for Raymond James Financial Services, in a statement. “We welcome them as they grow their independent business at Raymond James.”

Wayne spent 19 years at Smith Barney and its acquirer Morgan Stanley, who worked as a plant general manager for Philips Electronics in Shanghai, China, before going into the financial services field.

Therese also worked for Morgan Stanley Smith Barney for roughly 19 years. She holds a Ph.D. from UCLA and is a CFP.

“We didn’t take a potential move lightly and did much research, which ultimately indicated to us that Raymond James has a focused client-centric culture that comprehensively involves the financial advisor in each step of the client wealth management process,” Wayne explained in a statement. We’re excited to join the firm and grow our independent practice with the support of Raymond James.”

Last month, Raymond James’ employee channel recruited a father-son team from Merrill Lynch. John R. Edgecomb Sr. and his John Robb Edgecomb Jr. joined the Austin-Barton Hills office of Raymond James & Associates with about $200 million of assets.

Latest Results

On Thursday, Raymond James said it had total securities commissions and fees of $354 million in August, up 15% from the prior year and 6% from July 2017 — with growth mainly coming from its Private Client Group segment.

Client assets under administration were $681 billion as of Aug. 31, up 22% from the year-ago period and 1% from the prior month. Assets under management are nearly $94 billion, a jump of 26% from August 2016 and a 1% increase from July 2017.

“Client assets were lifted by growth in the number of financial advisors in the Private Client Group segment and equity market appreciation,” the company said in a statement.

Raymond James, which is based near Tampa, Florida, said that the business continuity plans put in place during Hurricane Irma, which hit Florida in early September, “proved effective — we didn’t experience operational support issues during the storm and quickly resumed normal operations,” according to Chairman and CEO Paul Reilly, in a statement.

“The elevated expenses associated with business continuity protocol and the support provided to our associates and their communities will be reflected in the current quarter,” the executive explained.

— Check out Raymond James Nearly Back to ‘Normal’ After Irma on ThinkAdvisor.


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