Two Morgan Stanley advisers who managed more than $125 million have left the wirehouse to join Raymond James, the firm said.
Frank Urban and David Hanson opened a new office for Raymond James' employee channel in Gainesville, Fla., which is about 70 miles southwest of Jacksonville. Hanson is Urban's son-in-law.
While at Morgan, the team generated over $1 million in annual revenue, according to Raymond James.
"The reason we chose to join Raymond James was first and foremost the culture of the firm," Hanson said in a statement. "We were overwhelmed by the genuine welcome we received. From the top down, the people could not have been more friendly and accommodating."
Hanson added that a significant portion of their business is discretionary and both he and Urban were impressed with the firm's Asset Management Services group.
Urban started his advisory career with PaineWebber in 1988, according to FINRA BrokerCheck records. Hanson began his financial services career at UBS in 2000, which was the same year the Swiss firm purchased PaineWebber. Both advisers later moved to Morgan in 2005.
While at the wirehouse, Hanson served as the branch manager of Morgan's Gainesville office for five years, according to Raymond James. Also moving with the team is registered client service associate Beverly Paine.
A Morgan Stanley spokeswoman could not be reached for immediate comment.
Raymond James recently announced that its adviser ranks hit a record high of 6,834 for the recent quarter, up 327 from the year-ago period.