Morgan Stanley loses father, daughter and son team to Raymond James
Raymond James hired a family of advisors from Morgan Stanley, making them the latest former wirehouse brokers to join the fast-growing regional firm.
Advisor Thomas O’Neill and his children, Jessica and Thomas Jr., joined Raymond James in Mount Laurel, New Jersey, a spokeswoman confirmed. They previously managed $203 million in client assets, according to their new employer.
They made the move because of Raymond James’ culture and technology tools, the senior O’Neill said in a statement.
“The tenure and retention rate of the advisors at Raymond James was another positive indication of the culture at the firm,” he said.
The firm achieved a record 7,719 independent and employee advisors in the second quarter.July 26
Total broker head count dropped by 173 from the prior quarter, according to the wirehouse.July 13
O’Neill is an industry veteran with 35 years of experience in the business, according to FINRA BrokerCheck records. In addition to nearly a decade of experience at Morgan Stanley, he also worked at UBS and Merrill Lynch.
His daughter and son joined him at Morgan Stanley in 2014 and 2016, according to BrokerCheck records.
They specialize in serving business owners, physicians and high-net-worth families.
Raymond James has been pursuing an aggressive recruiting strategy, targeting individual wirehouse advisors in particular that the firm hopes will be attracted to its culture and smaller brokerage force.
Those additions have boosted the St. Petersburg, Florida-based firms’ brokerage ranks. For the most recent quarter, Raymond James reported a record head count of 7,719 independent and employee advisors, a net increase of 434 from the year-ago period and 115 from March 2018.
A Morgan Stanley spokesperson was unavailable for immediate comment on the team’s departure. They left the company in early August, according to FINRA BrokerCheck records.