An Oklahoma-based group managing over $440 million in consumer belongings is shifting from Morgan Stanley to Raymond James.
Advisors John “David” Veitch and his son Drew Veitch are forming Veitch Legacy Advisors of Raymond James, together with Scott Veitch (David’s brother and Drew’s uncle) as a consumer companies affiliate. The group will be a part of Raymond James’ worker advisor channel, which is designed for wirehouse breakaways.
In keeping with the agency, the Veitch group works with near- and present retirees, estates, trusts and company retirement plans. In keeping with David Veitch, shifting to Raymond James will assist the household follow construct on its legacy.
“The agency’s tradition was a key think about our resolution to transition, because it mirrors our personal values and client-first mentality,” David Veitch mentioned in an announcement.
David has over 50 years of business expertise, together with 15 years with Morgan Stanley earlier than becoming a member of Raymond James. Drew Veitch entered the business in 2015 at Morgan Stanley after 10 years working within the oil and fuel business.
The Veitch group isn’t the primary wirehouse group to maneuver to Raymond James this week, as St. Petersburg, Fla.-based advisor Mary Lauritano additionally opted to affix the agency from UBS. Lauritano manages about $525 million and can be joined by a duo of consumer companies associates figuring out of the Raymond James Carillon department in St. Petersburg.
The agency is nearing the day when Chief Monetary Officer Paul Shoukry is predicted to succeed CEO Paul Reilly as head of the corporate; the transfer was introduced final yr as a part of a broader “multi-year succession planning course of.”
Reilly will step down on Feb. 20 after the agency’s board voted in favor of the proposed succession plan final month. The agency additionally promoted Tom Walrond to guide the agency’s worker advisor channel (the identical channel that the Veitch group and Lauritano joined).
Final yr, Raymond James additionally introduced its funding administration arm would launch its first ETFs in 2025. To arrange, the agency employed Mo Sparks, a former director of exchange-traded merchandise with the New York Inventory Alternate, to the newly created position of head of exchange-traded funds.
Whereas the agency didn’t have speedy plans to transform present mutual funds into ETFs, it might take into account placing “high-demand funding methods” into ETF wrappers. Nonetheless, the agency received’t incentivize its advisors to advocate or use home-grown ETFs with purchasers, nor would they get any payment reductions.