Raymond James nabs $260M team
A $260 million team left Morgan Stanley to join Raymond James & Associates, the firm’s employee channel.
René Dierkes and Frank McKenna joined the regional BD in Morristown, New Jersey.The duo had been with Morgan Stanley and its predecessor firms for nearly 20 years.
They’re also the most recent wirehouse team to move to Raymond James, which has been courting talent at its larger rivals. Last month, Raymond James hired a $252 million duo in Doylestown, Pennsylvania from the wirehouse.
Dierkes, a 30-year industry veteran joined Legg Mason in 1990. McKenna started his careers at the firm in 2000, according to FINRA BrokerCheck records. They stayed with the firm through subsequent acquisitions by Smith Barney and then Morgan Stanley.
A spokeswoman for Morgan Stanley didn’t respond for comment on their departure.
It was Raymond James’ concern for their clients that initially attracted the team, Dierkes said in a statement.
“We were so impressed that you can discuss ideas to even the key people in the firm, everyone is approachable,” he said.
The firm’s resources and open platform for investing were also driving factor, McKenna said in the statement.
“This is a firm that is client first, client focused and client friendly,” he said. “It is with Raymond James that we can build on the client-advisor relationship.”
Raymond James’ hiring efforts have pushed headcount above 7,900 independent and employee advisors, according to the company’s latest earnings report. Overall, the firm manages $824 billion.