RayJay Recruits Morgan Stanley Broker, Promotes Ex-Morgan Stanley Executive
Raymond James Financial has hired a Florida broker producing $1.2 million from Morgan Stanley Wealth Management, and promoted a former manager from the wirehouse to oversee all employee-channel brokers in its headquarters state.
Rosalie Schlaen, a 33-year industry veteran, joined RayJay’s employee brokerage channel on September 13 in Aventura, according to her BrokerCheck record. The Argentina-born broker was managing around $150 million in assets, primarily for Latin American clients, she said.
“It’s a different environment,” Schlaen said about her decision to leave the wirehouse for a firm that markets its broker-centric culture and boutique feel as a recruiting selling point.
Prior to joining Morgan Stanley in 2011, she had worked at Merrill Lynch for 24 years.
A spokeswoman for Morgan Stanley said she could not immediately comment on the move.
Raymond James & Associates, the employee channel, has hired at least 15 brokers in the past year-and-a-half across its eight south Florida branches that extend from Jupiter to Miami, according to a company official.
The hires follows RayJay’s hiring of several Morgan Stanley complex managers in the Sunshine State, including Florida Gulf Coast complex head Gregg Stupinski in March and West Palm Beach complex head Bert White in April 2017.
Raymond James last week elevated White from running 18 branches and satellite offices with some 150 brokers in its “south Florida region” to head its entire home-state territory as Florida regional director. The company, which is based in St. Petersburg, employs more than 650 brokers in about 69 locations statewide. The promotion is effective October 1, the start of RayJay’s fiscal year.
White will replace Patrick O’Connor, an 18-year Raymond James veteran who is being deployed to run the firm’s 21-state, Chicago-based northern division.
He will take that role from John Kuklenski, who is retiring after 36 years as a registered representative.
In a recruiting letter on the northern division’s website, Kuklenski trumpets the “Raymond James difference,” which he defines as “wirehouse-comparable technology and back office support” without “the negative press that can cast a shadow over your practice and cause your clients to question their trust.”