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Raymond James Nabs Morgan Stanley, MassMutual Teams

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What You Need to Know

  • The teams, along with two other advisors from Merrill and LPL also moving to Raymond James, manage a total of $686 million in client assets.
  • The new advisors join Boston Harbor Wealth Advisors, a independent affiliated firm with several offices in the Northeast.

Raymond James has added two advisory teams from Morgan Stanley and MassMutual, as well as two advisors from other firms. Collectively, these new registered representatives manage a total of $686 million in assets.

The new advisors join Boston Harbor Wealth Advisors, a independent affiliated firm with offices in Connecticut, Massachusetts, New Hampshire, New York and Ohio. With these additional advisors, BHWA manages about $2.7 billion in assets, Raymond James says.

“We’re proud to welcome these financial advisors to Raymond James as the firm continues to expand in the Northeast and we look forward to our continued alignment with Boston Harbor Wealth Advisors and their growing network of financial advisors,” according to Shannon Reid, Northeast division director for RJFS, in a statement.

The Fairfield, Connecticut-based advisory team of Bill Sherlach, Jim Mead and Sal Trombetta operate as IST Group and join from Morgan Stanley, where they managed about $336 million in assets.

Sherlach and Trombetta both join Raymond James after 12 years at Morgan Stanley and over 25 years at Merrill Lynch. Mead was with Morgan Stanley for five years before joining Raymond James.

“Raymond James and Boston Harbor Wealth Advisors really offer us the right combination we were looking for in a next move,” according to Sherlach. “Looking to the future of our practice, we wanted to align with a well-established firm and practice that offer us the flexibility to build and run our own independent team, while providing the framework and support that we need to grow.”

Cleveland-based financial advisors Brian M. Marino and Gene Craciun are partners at OnPoint Wealth Partners. They join from MassMutual Investors Services, where they managed $250 million in assets.

Also recently joining BHWA are Jeffrey Fitz from Merrill Lynch in Briarcliff Manor, New York, and John Meakin from LPL Financial in Beverly, Massachusetts. Each managed over $50 million in assets at their prior firms.

Fitz is a financial advisor with 28 years of experience at various firms, including Prudential Securities, Citigroup, Wells Fargo and most recently Merrill Lynch. Meakin has been a financial advisor since 2006. Prior to BHWA, he was a financial advisor at Salem Five Investment Services and Bank of America Investment Services.

Raymond James Financial now has about 8,200 financial advisors throughout the U.S., Canada and overseas; they manage combined client assets of $1.06 trillion, according to the company.