What’s Up at Morgan Stanley Boston? Veteran Team Leaves for Beantown Newcomer
A week after a team with $1.2 billion of client assets jumped to Merrill Lynch from Morgan Stanley’s High Street Tower branch in Boston, another team managing $350 million in assets at the same branch has flown the coop.
This time the beneficiary was Raymond James & Associates, the expansionist Florida firm that opened its Boston office just two years ago.
The team of three advisors, led by Richard Byrd, produced around $3 million in the last 12 months, according to a knowledgeable source.
Byrd, 66, did not return a call for comment about his team’s noontime departure on Friday.
“It came as a surprise,” said Jeff Swartz, the complex manager located at the High Street office. He declined to comment further.
A spokeswoman for Morgan Stanley confirmed the departure but declined to comment.
The source, who said Swartz is well-liked, called the timing of the Zimmerman and Byrd departures “an unfortunate coincidence.” However, he said it is indicative of grumblings of late about compensation policy changes at Morgan Stanley.
For Raymond James, the new team, which includes three advisors and three client associates, doubles the size of the Boston office.
Through its employee branch network and its independent brokerage channel, the St. Petersburg-based has been expanding into major urban markets in the west and northeast in recent years. It also is moving upscale by recruiting advisors with high-net-worth practices and by its impending purchase of Deutsche Bank’s U.S. wealth management operations.
Raymond James recently said that it has received acceptances from about 90% of the Deutsche Bank advisors, who will operate as the firm’s Alex Brown unit.
In addition to Byrd, who began his brokerage career in 1978 at Boston-based Tucker Anthony, the new team includes advisors Robert Phinney, 55, and Graham Goodwin, 36. They report to branch manager Peter Alberding, who joined Raymond James from UBS in 2014 to open the Boston branch.
The trio had longtime Morgan Stanley roots. Byrd joined the firm in 1998. Phinney, who began his career at Kidder, Peabody & Co. in 1993, has been with the wirehouse since 2001. Goodwin has worked solely at Morgan Stanley, which he joined in 2004.