Wirehouses lose advisors with $480M to Raymond James, Baird
Three wirehouse brokers who collectively managed $480 million in client assets, quit to join regional BDs Raymond James and Baird, according to the two companies.
The advisors, who left Morgan Stanley and Wells Fargo, represent the latest in a surge of new hires at regional broker-dealers. Some of these moves have been of quite large teams. For instance, Raymond James hired a former UBS team that oversaw $738 million.
The firm’s newest hires — Gregory Stevens and Vincent Spires — previously managed $240 million, while at Morgan Stanley, according to their new employer. The team is based in Ocala, Florida.
Stevens, senior vice president, wealth management began his career in financial services as an advisor at Smith Barney and remained nine additional years after Morgan Stanley’s acquisition of the firm. He now has 21 years of experience, according to FINRA BrokerCheck records.
Spires has 18 years of experience in the industry and started out in 2000, spending the entirety of his career at Morgan Stanley, according to BrokerCheck.
Stevens said in a statement that they made the move for the firm’s culture and support for advisors. “We have been very impressed with the level of service from the home office and our local management,” he said in a statement.
Also moving to Raymond James from Morgan Stanley, is senior registered client service associate, Yvonne Emeric.
Joining Baird is Justin Nichols, a veteran advisor with over 20 years of experience who was previously with Wells Fargo. He is based in Houston and managed $240 million while at the wirehouse, according to Baird. Angela Wingfield, client specialist, moved with him.
Spokeswomen from Morgan Stanley and Wells Fargo declined a request for a comment on the departures.