Morgan Stanley has lost a veteran advisor who managed more than $360 million in client assets to Raymond James & Associates.
Stephen Besse moved to Raymond James Walnut Creek, Calif., office this month to work for the employee broker-dealer side of the business. At Morgan, the CFP generated $1.35 million in annual revenue.
Besse had been with the wirehouse firm since its acquisition of Smith Barney in 2009, and started his career at the Citigroup unit in 1994. Vanessa Jimenez, a service associate who worked with Besse at Morgan, also moved to Raymond James, and is handling all operations and administrative duties.
After being at one firm for 20 years, the decision to make a change was not made without significant thought and due diligence, said Besse in a statement. For me, the culture, the focus on serving individual investors and the firms financial strength made Raymond James the right fit for my practice.
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