Morgan Stanley loses $460M team to Raymond James
A Morgan Stanley team that oversaw more than $460 million in client assets has moved to Raymond James, the regional firm said.
Todd Sherman, Jason Sobin, Michael Francisco and Brian Baskin joined Raymond James in Mt. Laurel, New Jersey, according to the firm.
The team, operating as SSG Executive Advisory Group, is also joined by Denise Donahue and Donna Vickers, both senior registered service associates, and Katherine Wright, who serves as business practice coordinator. The group reports to branch manager Paul Clemente and Tony Barrett, Raymond James' Delaware Valley complex manager.
While at Morgan the team generated almost $5 million in annual production, according to Raymond James.
Sherman started his career at Merrill Lynch in 1994, according to FINRA BrokerCheck records. He worked at the wirehouse for eight years before moving to UBS in 2002 and was there for five years before jumping to Smith Barney. He stayed on with the firm after it was acquired by Morgan Stanley in 2009.
Sobin followed a similar career path after entering financial services in 1998, BrokerCheck records show. He first teamed up with Sherman while the two were working at Merrill, according to Raymond James. Francisco joined the group in 2008, a year after starting his career at Smith Barney.
Baskin began his career at UBS in 2006, and moved to Smith Barney a year later, according to BrokerCheck.
The regional firm recruited its first adviser for Alex. Brown since acquiring the unit in September, and will reopen an old office in Annapolis, Maryland.
Tom Galvin, North Atlantic regional director for Raymond James, said the team will help the firm expand in the Northeast. The group specializes in working with late-career physicians, corporate executives, and high-net-worth individuals and families.