An Oklahoma-based team managing over $440 million in client assets is moving from Morgan Stanley to Raymond James.
Advisors John “David” Veitch and his son Drew Veitch are forming Veitch Legacy Advisors of Raymond James, along with Scott Veitch (David’s brother and Drew’s uncle) as a client services associate. The group will join Raymond James’ employee advisor channel, which is designed for wirehouse breakaways.
According to the firm, the Veitch team works with near- and current retirees, estates, trusts and corporate retirement plans. According to David Veitch, moving to Raymond James will help the family practice build on its legacy.
“The firm’s culture was a key factor in our decision to transition, as it mirrors our own values and client-first mentality,” David Veitch said in a statement.
David has over 50 years of industry experience, including 15 years with Morgan Stanley before joining Raymond James. Drew Veitch entered the industry in 2015 at Morgan Stanley after 10 years working in the oil and gas industry.
The Veitch team isn’t the first wirehouse team to move to Raymond James this week, as St. Petersburg, Fla.-based advisor Mary Lauritano also opted to join the firm from UBS. Lauritano manages about $525 million and will be joined by a duo of client services associates working out of the Raymond James Carillon branch in St. Petersburg.
The firm is nearing the day when Chief Financial Officer Paul Shoukry is expected to succeed CEO Paul Reilly as head of the company; the move was announced last year as part of a broader “multi-year succession planning process.”
Reilly will step down on Feb. 20 after the firm’s board voted in favor of the proposed succession plan last month. The firm also promoted Tom Walrond to lead the firm’s employee advisor channel (the same channel that the Veitch team and Lauritano joined).
Last year, Raymond James also announced its investment management arm would launch its first ETFs in 2025. To prepare, the firm hired Mo Sparks, a former director of exchange-traded products with the New York Stock Exchange, to the newly created role of head of exchange-traded funds.
While the firm didn’t have immediate plans to convert existing mutual funds into ETFs, it would consider putting “high-demand investment strategies” into ETF wrappers. However, the firm won’t incentivize its advisors to recommend or use home-grown ETFs with clients, nor would they get any fee discounts.