RayJay Lands $3 Million Morgan Stanley Team Operating in Three States
Raymond James Financial has recruited another team of million-dollar producers from Morgan Stanley, the wirehouse whose exit from the Protocol for Broker Recruiting last year has given many of its brokers second thoughts about leaving.
The new team is led by managing partner Matt Shafer, who is based in Boca Raton, Fla., where he began his brokerage career with PaineWebber in 1997. Together with his partners Mark M. Barber and Jeffrey J. Winkler, who are based respectively in Boston and Grosse Pointe Farms, Mich., the team had been overseeing $475 million of customer assets at Morgan Stanley and were producing around $3 million in annual fees and commissions, according to two people familiar with their practice.
Reached at his office at Raymond James & Associates, the firm’s employee channel, Shafer declined to comment on his decision. He and his partners made the move at the start of the Labor Day weekend last Friday. They were joined by Joseph Danley, a portfolio associate.
Shafer, Barber and Winkler are at least the second wirehouse team to have joined the private client group of Raymond James in the past month. The Florida-based firm hired 46-year Merrill Lynch veteran Harvey Cook and his son in Memphis in early August. They had been producing about $1.5 million.
The moves indicate Raymond James’ commitment to grow its retail brokerage force at a time when its larger rivals have been on a recruiting diet.
The firm expects to add about 260 brokers in fiscal 2018 to its force of about 7,600 brokers through recruiting packages that will reduce its branch channel’s profit by about 5% and a broker-centric culture that its executives continually flaunt. They contrast its brokers-own-the-client relationship with the decisions of UBS and Morgan Stanley to leave the Protocol for Broker Recruiting and prohibit emigrant advisors from contacting former clients.
Shafer, Barber and Winkler, who have worked together since 2002 when they were with UBS, worked carefully with Raymond James officials to avoid triggering legal action from Morgan Stanley. Following its exit from the Protocol, the New York-based firm had sought restraining orders and gone to arbitration against brokers who it accused of taking company-owned client data and of violating employment contract clauses.
Shafer began his brokerage career started at UBS in 1997, while Barber—who oversees the team’s retirement plan business—entered the industry at UBS in 2001, according to BrokerCheck. Winkler, who resides in Grosse Pointe Farms and Coconut Creek, Fl., according to his Raymond James biography, joined UBS in 2002 after beginning in the industry a year earlier at Ladenburg Thalmann & Co.
They joined Smith Barney’s family office group in 2009, a few months before Morgan Stanley absorbed Smith Barney.Shafer is a managing director at Raymond James while his partners are vice presidents.