A team that generated $2.8 million in annual revenue has left Morgan Stanley to join Raymond James & Associates, the firm says.
Veteran advisers Robert Phinney, Graham Goodwin and Richard Byrd III joined Raymond James in Boston.
The team, which operates as Boston Capital Wealth Management, managed $332 million in client assets while with Morgan Stanley.
Phinney says that they made the move after a year of due diligence, and did so because the team was impressed with Raymond James' platform and senior leadership. He adds that they also were attracted to the firm's camaraderie, which creates "mutually constructive and supportive culture."
"We knew moving firms after many years would be challenging, but the people at Raymond James really understand our business. … We are convinced we have made the right decision," he says in a statement.
Phinney started his career at Kidder Peabody in 1993, according to FINRA BrokerCheck records. He later worked at PaineWebber and Deutsche Bank before joining Morgan Stanley in 2003.
Byrd began his advisory career with Tucker Anthony, a Boston-based brokerage firm, in 1978. He later worked for Cowen & Co. before moving to Morgan in 2000.
Goodwin started his financial services career with Merrill Lynch in Ottawa, Ontario. He moved to Boston to join Morgan in 2004.
Also moving with the team are Edward Galvin, portfolio specialist, Jack King, senior registered sales associate, and Suzanne Difrancesco senior registered associate.
A Morgan Stanley spokeswoman declined to comment on the team's departure.
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