Former Morgan Stanley advisors John Lipari and Richard Ribek say they chose Raymond James' "client-first culture" in moving their practice, with $250 million in assets under management, to the independent broker-dealer.
The pair, who run the Lipari Ribek Group in North Palm Beach, Fla., say in a company release that they spent two years looking for a new broker-dealer. They ended up choosing Raymond James Financial Services, the company's independent advisor organization.
"Raymond James offered us the independence and support we were looking for," the statement quotes Lipari as saying. A portfolio manager, Lipari started his career 32 years ago at Merrill Lynch. Later, he became managing director at First Manhattan, where he remained before joining Morgan Stanley Smith Barney in 2002.
Ribek began his career 16 years ago with American Express, the statement says, and joined Lipari a decade ago at Morgan Stanley.
- Raymond James Ramps Up West Coast Expansion
- Merrill & Advisor Told to Pay $500K to Schwab
- $250M Morgan Stanley Team Jumps to Steward Partners
- Here's What LPL's CEO Made in 2014 -- and Why He Got a Pay Cut
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access