Two Morgan Stanley advisors generating $1.9 million in annual revenues have left the wirehouse to join Raymond James & Associates, the firm said.
Industry veterans Douglas Richards and Sheldon Ray Jr. managed approximately $150 million in assets while at the wirehouse, Raymond James said.
Both advisors joined the firm's Washington office, where they now serve as senior vice presidents of investments and portfolio managers under the name R&R Global Asset Management of Raymond James. Also moving with the team is Karen Burt, senior registered client service associate.
Richards has been in the business for 37 years, according to FINRA records. He started his career at Thomson McKinnon Securities in 1977. He later worked at Prudential and UBS, before joining Morgan Stanley in 2008.
Ray joined the industry in 1996, starting work at Prudential. He had been at Morgan since 2008.
Raymond James has been pushing to grow its employee channel in the Northeast and on the West Coast. The firm recently hired a new regional director, Rick Sanchez, to oversee its western expansion.
Sanchez was the co-founder and managing director of an RIA, SeaCrest Wealth Management. Previously, he served as director of global wealth management at Morgan Stanley, overseeing more than 440 branches and 10,000 financial advisors.
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