Advisers leave Morgan Stanley for Raymond James
The Portland arm of the international financial planning firm Raymond James & Associates has picked up a team of financial advisers from competitor Morgan Stanley.
The company reported the team includes four financial advisers — Christopher Rogers, Stephen Guthrie, Dana Ricker and David Mitchell — and associates Lauren Schaefer-Bove and Zara Machatine.
In a press release, Raymond James said the advisers chose to make the move because of their interest in working for a more conservative firm "that further emphasized personal attention and a higher level of service." The release included a statement about Rogers' No. 5 ranking by Barron's among the top financial advisers in Maine for 2013, and several comments from him.
Christine Jockle, a corporate spokeswoman for Morgan Stanley wrote in an email to Mainebiz: "What Mr. Rogers neglected to mention is the large payment he received for moving."
Angie Libby, branch manager for the Portland office of Raymond James, declined to respond to that statement from Morgan Stanley, but said her firm is "thrilled" about having the Portland Harbor Group join Raymond James.
"The team has a longstanding tradition of putting clients first, which makes them a natural fit for the Raymond James culture," Libby said.
The move doubles the size of the firm's Portland office to eight. According to Morgan Stanley's website, the firm has around 30 advisers based in Portland, not including the four that left. Internationally, Raymond James has over 6,200 advisers.
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