Morgan Stanley lost a team that oversaw $275 million in client assets to Raymond James, the company said.

The team comprises founder Sam Maxwell and director of client services Sherry Nelson. They launched their independent practice, Executive Wealth Group, with Raymond James' Investment Advisors Division, according to the firm. The team made the move last month, and is based in Kirkland, Washington.

Maxwell said they opted to partner with Raymond James because of its platform and technology, adding they analyzed the choices carefully.

Sam Maxwell and Sherry Nelson launched an independent practice with Raymond James in Kirkland, Washington.

"Choosing a custodian is among the most important decisions a principal can make in establishing an advisory business," Maxwell said in a statement.

Maxwell, a 25-year industry veteran, had been with Morgan Stanley since 2008, according to FINRA BrokerCheck records. He previously worked at RBC.

Nelson's 37-year career in financial services started at Smith Barney in 1980, according to Raymond James.

A spokeswoman for Morgan Stanley was not available for immediate comment.

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