Raymond James has recruited the father/daughter advisory team of John DeRosa and Deanna DeRosa from Morgan Stanley as the firm continues its expansion into the western United States.
The DeRosa Group, which managed approximately $180 million in client assets while with Morgan Stanley, will join Raymond James’ Newport Beach, California, office, the firm announced on Wednesday.
“As Raymond James continues its strategic growth along the West Coast, we are proud that our firm remains a destination for top advisory teams like The DeRosa Group,” Rick Sanchez, West Coast regional director for Raymond James Associates said in a statement. “We look forward to providing them the superior level of service and support all our advisors have
come to expect.”
The team also includes Bill Best, a senior registered client service associate.
The DeRosa group was drawn to Raymond James’ culture, which is “similarly aligned” with the team’s interests, John DeRosa, first vice president, wealth management, said in a statement.
“As we looked at alternatives,” said Deanna DeRosa, vice president, wealth management, “We did not want to substitute one big bank for another, but rather find a firm that was large enough to provide the products, resources and infrastructure necessary to serve our clients well, but that had a reputation for putting clients’ interest first and treating its advisors as clients.”
The DeRosas were not available to comment directly.
John DeRosa began his financial services career in 1970 with Eastman Dillon. He also worked for Paine Webber and Kidder Peabody before joining Smith Barney in 1992. Smith Barney was acquired by Morgan Stanley in 2009.
Deanna DeRosa began working in the industry in 1994 at Kidder Peabody. She spent four years in Japan with AEON before joining her father at Smith Barney in 1999.
Morgan Stanley confirmed that the team had left the company, but did not comment further.
The firm recently exited the Broker Protocol and has been seeing its talent head for the door. The same week that Morgan Stanley announced its exit, nine teams that managed more than $6 billion in AUM left the wirehouse.