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Raymond James nabs $173M Morgan Stanley adviser

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Raymond James picked up a Morgan Stanley adviser who oversaw $173 million in client assets, according to the firm.

Katherine Fisher-Schultz joined Raymond James' employee channel in Portland, Oregon.

She had been with Morgan Stanley and its predecessor firm, Smith Barney, since 2004, according to FINRA BrokerCheck records. She's been in the industry since starting her career at Prudential Securities in 1999.

Fisher-Schultz said in a statement that she made the move in part because she wanted a firm with robust resources, yet with a smaller, more personal touch.

A spokeswoman for Morgan Stanley declined to comment on the departure.

Raymond James hired Fisher-Schultz in late October, according to BrokerCheck, just days after the Department of Labor threw employment offers throughout the industry into a state of flux. The department's guidelines for implementing the fiduciary rule targeted back-end bonuses common to recruiting deals for creating potential conflicts of interest.

Raymond James has recently picked up several wirehouse recruits. In December, the firm said it hired a team overseeing $230 million from Wells Fargo. Raymond James also picked up a Merrill Lynch adviser who managed $110 million in client assets.

The St. Petersburg, Florida-based firm has approximately 7,100 financial advisors and about $608 billion in total client assets, according to Raymond James.

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