Raymond James has hired a veteran Morgan Stanley advisor who generated $1 million in annual revenue, a spokeswoman for the regional brokerage firm confirmed.
Kenneth Dow joined Raymond James’ employee-channel office in Chicago, which is overseen by Brian Lampsa, complex manager.
Dow made the move just prior to Morgan Stanley's exit from the Broker Protocol last month, joining an exodus of talent from Morgan and UBS, which also left the protocol recently. Altogether, more than 90 advisors managing over $12 billion have left the two firms.
The Broker Protocol permits advisors to take basic client contact information when switching firms. Morgan Stanley said it was leaving the accord because of loopholes. Raymond James and Merrill Lynch have said they are staying in.
Unlike UBS and Morgan Stanley, which have cut hiring efforts, Raymond James has been a very active recruiter. The St. Petersburg, Florida-based firm recently reported having a record 7,346 independent and employee advisors as of September 30, up from 7,146 from the year-ago period.
Dow oversaw more than $145 million in client assets and produced more than $1 million in annual revenue while at Morgan Stanley, according to his new employer.
He said that he chose Raymond James for its corporate culture as well as its technology and marketing resources. The move is also an outgrowth of changes in Dow's personal life, he said.
"During a health crisis a few years ago, I came to realize how important my clients were to me. They offered emotional, psychological, spiritual and even medical support ― so I knew I wanted to be there for them and to make a real difference in their lives. Now that I’ve fully recovered, I am dedicated to fulfilling that commitment and feel I can do that best at Raymond James," he said in a statement.
Dow had been with Morgan Stanley and predecessor firm Smith Barney since 1997.
Laura Sanchez, a senior service and marketing associate, also moved with Dow to Raymond James.
A Morgan Stanley spokeswoman was not available for immediate comment.