St. Petersburg, Florida-based Raymond James has recruited Karl Rothermund to be a senior vice president in Scottsdale, Arizona.

A 35-year industry veteran, Rothermund previously worked for Morgan Stanley Wealth Management. He began his career at Merrill Lynch before joining Smith Barney 19 years ago and stayed at the firm through mergers with Citigroup and Morgan Stanley.

Eventually, it was the fee-based structure and the regional culture that helped lure Rothermund away from the wirehouse world, according to Raymond James.

“I’m sure I’m not the first person who’s received departures from Morgan Stanley,” Thom LaPort, managing director of investments and branch manager at Raymond James, told On Wall Street in a phone interview. “It’s the number one departure place these days.”

Rothermund was formerly in charge of $80 million in client assets and generated about $1 million in production.

According to LaPort, who has been friends with Rothermund for the past 15 years, Rothermund is a “true professional.” Additionally, LaPort said that he liked Rothermund’s clean record.

“First of all he has a spotless record which is unusual,” LaPort said. “If you’ve been in the business 35 years, somebody’s probably sued you before.”

Karl Rothermund is joined by his son and financial advisor Ryan Rothermund. The team will report to Pat Allison, division director of the firm’s Southwestern division.

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