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$260M Morgan team goes indie with Raymond James

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A team managing almost $260 million in client assets at Morgan Stanley has left the firm to go independent with Raymond James, according to the regional firm.

Plus, advisers with $450M in combined AUM join Benjamin Edwards.
October 31

Mark Rhoades and George Livanos oversaw $209 million in client assets and some $50 million in 401(k) assets while at Morgan, according to a Raymond James spokeswoman. The duo also had annual revenues of about $1.5 million while they were at the wirehouse, Raymond James confirmed. Joining the advisers is investment executive Kelly Ward. The team calls itself the Broadview Group and is based in Chapel Hill, North Carolina.

A Morgan Stanley spokeswoman confirmed the moves and declined to comment further. The advisers moved to independence in October just before the Department of Labor issued new guidelines regarding back-end compensation in recruiting packages, according to FINRA BrokerCheck records.

Broadview will operate as part of an existing Raymond James affiliate and RIA, Phoenix Financial. Phoenix is led by managing director and branch manager William Farley Jr.

The new team could prove to be eventual successors to Farley's practice, according to Whitley. "We are very happy they chose to partner with us and the group at Phoenix, as they continue to build and grow their practice with our broad platform and support."

Rhoades had been with Morgan Stanley since 2009, according to BrokerCheck records show. Prior to that, he was with Citigroup going back to 2006. George followed a similar career track and had also worked for First Union.

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