Welcome to Financial Advisor IQ

Raymond James Snatches Morgan Stanley Complex Manager

January 8, 2018

Steward Partners, an RIA affiliated with Raymond James, has nabbed a Morgan Stanley complex manager in Dallas, according to AdvisorHub.

Chris Barton had been at Morgan Stanley and Smith Barney, which was acquired by Morgan Stanley in 2009, for a total of 22 years, according to the industry news website. He’s joining Steward Partners as a divisional president tasked with expanding in Texas and establishing an office in Florida, Barton tells AdvisorHub, adding he doesn’t have specific recruiting objectives.

Steward Partners, which custodies assets with Raymond James Financial Services, has 70 brokers overseeing around $8 billion out of 11 offices around the country, according to a press release cited by AdvisorHub. The company plans to continue its growth by focusing on helping brokers transition out of firms that have pulled out of the Protocol for Broker Recruiting, including Morgan Stanley and UBS Wealth Management Americas, Steward’s chief executive James Gold tells the website. The protocol lets departing advisors take some client information with them without threat of lawsuits.

“There’s always a way, as long as you’re willing to be creative and not break the rules,” Gold tells AdvisorHub.

(iStock Photos)

Raymond James has been steadily luring reps from its rivals recently. Just over the past couple of weeks, two teams of Merrill Lynch advisors collectively overseeing $562 million jumped ship to Raymond James Financial Services, the firm’s independent broker-dealer, and an advisor managing $113 million joined Raymond James & Associates, the firm’s traditional employee broker-dealer. Meanwhile, a father-daughter team of advisors managing $180 million at Morgan Stanley joined Raymond James & Associates at the end of December.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.