$1.1B team drops Morgan Stanley, goes indie with Raymond James

Raymond James headcount expands 3% to record 8,239 financial advisors

Raymond James’ independent broker-dealer finished off 2020 by completing its largest recruiting move of the year in terms of total client assets.

A quartet of Franklin, Tennessee-based advisors with Campbell Johnson McGiboney Wealth Advisors dropped Morgan Stanley to affiliate with Raymond James, the firm announced Jan. 4. The team managed $1.1 billion in total client assets including employer retirement plans with the wirehouse, where practice founder Randy Campbell had spent the past 11 years.

“Our analysis of firms focused on which firm could best support our efforts as we continue to serve our clients and build CJMWA, and we determined Raymond James to be superior in every metric we used in our evaluation,” Campbell said in a statement.

Morgan Stanley spokeswoman Christine Jockle confirmed the team’s departure in an email while noting that its assets under management with the firm totaled $250 million.

The practice formally affiliated with Raymond James’ independent arm on Nov. 12, according to FINRA BrokerCheck. In addition to Campbell, advisors Eric Johnson, Mason McGiboney and Stacy Womack, as well as registered client service associate Elizabeth Wood, also left the wirehouse for Raymond James.

Campbell began his financial services career in 1990 with The Robinson-Humphrey Company, which eventually folded into Morgan Stanley after three mergers. Johnson and Womack each have more than two decades of experience, including Womack’s six-year tenure with Raymond James before joining Morgan Stanley, BrokerCheck shows.

Before Campbell’s move, the largest independent team affiliating with Raymond James had been an ex-Merrill Lynch practice that managed $900 million with their prior firm.

Raymond James added a net 228 advisors in the past 12 months to reach a record 8,239 indie and employee advisors in the firm’s Private Client Group by the end of the third quarter.

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Going independent Independent BDs Recruiting Career moves Wirehouse advisors Raymond James Financial Morgan Stanley
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