Raymond James recruits $1M producer from Morgan Stanley
A $1 million producer left Morgan Stanley to join Raymond James, according to the firm.
Adviser Harmon Wright Jr. now operates from Raymond James' employee branch in Trinity, Florida. He made the move Feb. 24, per FINRA BrokerCheck records.
Wright is an industry veteran, having started his advisory career at A.G. Edwards in 1987. He moved to Morgan Stanley in 1995, according to BrokerCheck records.
Wright said he made the switch in part because of Raymond James' culture.
"It reminds me of the culture and collegiality of my time at A.G. Edwards," he said in a statement.
A spokesperson for Morgan Stanley declined to comment on his departure.
Wright is the latest recruit for Raymond James. The firm has picked up several wirehouse advisers and teams in recent months. A Merrill Lynch team that oversaw $350 million in client assets joined the firm in March, and opened a new office in Williamsport, Pennsylvania. The group previously generated more than $2 million in annual revenue, according to Raymond James.
Raymond James now boasts approximately 7,100 financial advisers across its employee and independent channels. The St. Petersburg, Florida-based firm has total client assets of approximately $637 billion.
Morgan Stanley has also had some large recruiting grabs. Last week, the wirehouse picked up a $829 million team from J.P. Morgan Securities. Advisers Donald Fung, Matt Palleschi, John Campbell and Brian Bechelli joined Morgan Stanley in Menlo Park, California. Their combined production is approximately $4.3 million, according to Morgan Stanley.