Practice Management

Morgan Stanley loses $250 million team to Raymond James

Raymond James picks up The Broadview Group amid its broader recruitment success this year.

An independent team of advisers managing more than $250 million in assets has left Morgan Stanley to join Raymond James Financial Inc.
The team, based in Chapel Hill, N.C., operates as The Broadview Group, and had annual revenues of more than $1.5 million at Morgan Stanley, according to an announcement Tuesday.
The group, which includes advisers Mark Rhoades and George Livanos, affiliated with Raymond James’ independent broker-dealer, Raymond James Financial Services Inc., which has more than 3,600 independent advisers.
Both Mr. Rhoades and Mr. Livanos had been advisers at Morgan Stanley for more than a decade.
Raymond James has seen broad recruitment in 2016. The firm gained more net assets under management — around $9.5 billion — from adviser recruitment during the third quarter than any other brokerage, as it added 14 teams and lost one, according to InvestmentNews’ Adviser on the Move data. The firm was also the top recruiter in the second quarter.
At the same time Raymond James is gaining, Morgan Stanley saw the biggest loss in third-quarter recruiting, with $8.8 billion in net assets leaving the firm, according to InvestmentNews statistics.
The Broadview Group has teamed up with Phoenix Financial Inc., another registered investment adviser and affiliate of Raymond James that’s led by managing director William Farley Jr., according to the announcement.
Phoenix has roughly $175 million in assets under management, according to its latest Form ADV filed with the Securities and Exchange Commission.
“We wanted a change and were delighted to be introduced to Bill, whose fiduciary approach to investments is very similar to ours, and to Raymond James and its independent culture and client-first focus,” Mr. Rhoades said.