A Morgan Stanley representative, John Jennings, has left the wirehouse to join the independent contractor channel at Raymond James. Jennings, who managed close to $106 million in client assets, has joined Raymond James in Vero Beach, Fla.
“After conducting my due diligence process, I found that Raymond James stood out as a leader in the commitment they’ve made to building out investment, planning and trading technology,” said Jennings in a press release.
According to BrokerCheck, Jennings first registered in 2014 with Morgan Stanley.
“We are glad he [Jennings] found our culture, technology and support to be the best fit for his practice as well as his clients,” said Todd Gartrell, southeast regional director for the RJFS Independent Contractors Division, in the press release.
Just last month, Raymond James poached a 33-year Morgan Stanley veteran to its employee channel and added a five-member Morgan Stanley team in Houston.
But Raymond James is not the only one picking up Morgan Stanley breakaways. The wirehouse recently has seen a few advisors jump ship to rivals such as Wells Fargo. As reported, since June, Morgan Stanley has also lost brokers to Stifel Financial, Sanctuary Wealth and Rockefeller Capital Management. A few months ago, a trio seeking independence left Morgan Stanley to launch their own RIA.
For the three months ending in June 2019, Raymond James had 7,904 advisors, a growth of 42 compared to the prior quarter.
Out of that total, 3,228 advisors were in the independent contractors' division, which saw an increase by 36 advisors from the earlier quarter. Morgan Stanley, on the other hand, wrapped up the second quarter with a roster of 15,663 advisors, lower than the prior quarter and unchanged from a year ago.