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.

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