A Morgan Stanley team specializing in servicing late-career physicians, corporate executives and high net worth clients has joined Raymond James & Associates and will operate out of the firm’s Mt. Laurel, N.J., office. The team manages $460 million in client assets.
Todd Sherman, senior vice president, investments and managing director, will lead the SSG Executive Advisory Group of Raymond James and will be joined by Jason Sobin, senior vice president, investments; Michael Francisco, vice president, investments; and Brian Baskin, senior financial planning consultant.
Katherine Wright, business practice coordinator, and senior registered service associates Denise Donahue and Donna Vickers are also coming over from Morgan Stanley.
“Having worked for over 20 years with the major Wall Street firms we ultimately realized that bigger isn’t always better,” said Sherman, who began his career at Merrill Lynch, where he met Sobin. In 2001, the pair formed the Sherman Sobin Group, and a year later, they jumped ship for UBS and then to Smith Barney in 2007.
“When we learned that several senior executives at [Raymond James] still manage clients—and consequently understand our issues and concerns,” said Sherman, “it gave us additional reassurance that Raymond James will be a supportive and resourceful partner for our team.”
This is the second Morgan Stanley recruit for Raymond James this year. In early January, Katherine Fisher-Schultz, an advisor with over $170 million in AUM, joined Raymond James in Portland.