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$112M wirehouse duo goes indie with Raymond James

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Two Morgan Stanley advisers managing $112 million in client assets went independent with Raymond James, the firm said.

They're the latest wirehouse brokers to join the St. Petersburg, Florida-based firm so far this year. Earlier this month, four ex-Merrill Lynch advisers who collectively oversaw nearly $500 million in client assets switched to Raymond James, the firm said. They joined offices in Louisville, Kentucky, and Williamsport, Pennsylvania.

The firm's newest advisers, Ashley Banks and Donna Carroll, opened their independent practice last month in Gainesville, Florida.

Banks, who previously served as a branch manager at Morgan, said they went independent in part because of Raymond James' network for women advisers as well as the company's capabilities.

"The firm’s platform allowed us to pursue our niche business geared toward women investors and divorcees, and we feel that their reputation and the breadth of resources made them the best firm for us to partner with, both for us and our clients," Banks said in a statement.

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Both advisers are certified divorce financial analysts, according to Raymond James.

Banks started her career at Merrill Lynch in 1992, according to FINRA BrokerCheck records. Carroll also began her career at the same firm, in 1996. She left briefly to work at JWH Securities, but returned to Merrill in 2006.

Together, the duo moved their practice to Morgan Stanley in 2008, per BrokerCheck records.

A spokeswoman for Morgan Stanley declined to comment.

Raymond James now has 7,100 independent and employee advisers operating from more than 2,900 locations throughout the United States, Canada and overseas, according to the company. The firm's total client assets are approximately $622 billion.

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