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Raymond James Gains Advisor From Morgan Stanley, Loses One to LPL

Taimur Baig’s move to Raymond James from Morgan Stanley is the latest of several teams joining the firm’s employee advisor channel from the wirehouse this year.

Raymond James’ revolving door is busy this week, with one advisor departing the firm for LPL Financial, while another in California is leaving the wirehouse world at Morgan Stanley to join the firm's employee advisor channel.

Taimur “Tam” Baig is based in San Diego and joining Raymond James after seven years at Morgan Stanley, according to his BrokerCheck profile

He has jumped around the wirehouse world since entering the industry in 2009, with multi-year stints at Merrill Lynch and Wells Fargo before joining Morgan Stanley in 2017. Baig also served in the Marines and as an Air Force intelligence officer before entering the financial services industry.

Baig managed about $130 million in client assets at his prior employer. He is forming Be Wealth Efficient of Raymond James, crafting customized plans focusing on individuals in the tech and biotech industries. According to Baig, he wanted a “full-service” firm as his partner. He leaned toward Raymond James because of its investment platform and technollogy, which offered value to his “unique technology-focused clientele.”

But as the company gained an advisor in Baig, it’s losing Texas-based Phil Eggers of Legacy Retirement Planning to LPL, where he had previously worked.

“I was at LPL for 18 years previously and had a wonderful experience the first time,” he said. “It feels like I’m coming back home.”

Eggers managed about $170 million at Raymond James and was based in Plano, Texas, in the greater Dallas area. He entered the industry in 1990 at Dean Witter Reynolds before joining LPL in 1998, according to BrokerCheck. He joined Stratos Wealth Partners for a year in 2014 before finally linking up with Raymond James in 2015.

Operations Manager Matthew Ford is also making the move. Eggers says the move positions his team for business continuity while he creates a succession plan to hand the reins to Ford in the future. Eggers is also a pilot who flies his small plane for Angel Flight, which helps transport people in remote locations needing medical care.

Last month, a New Hampshire-based team with about $350 million in managed assets also joined Raymond James from Morgan Stanley. In February, the firm welcomed a $340 million team out of South Florida to its employee advisor channel. The group also made the move from Morgan Stanley.

Additionally, Raymond James announced last month that  Chief Financial Officer Paul Shoukry will succeed Paul Reilly as CEO in fiscal year 2025, becoming the fourth CEO in the company’s history. The move came as part of a “multi-year succession planning process,” with Reilly remaining on the board of directors as executive chair, according to the firm.

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