Raymond James' revolving door is busy this week, with one adviser leaving the firm for LPL Financial, while another in California is leaving the networking world at Morgan Stanley to join the firm's employee adviser pipeline .
Taimur “Tam” Baig is based in San Diego and joins Raymond James after seven years at Morgan Stanley. according to his BrokerCheck profile.
He has bounced around the world of telecommunications since entering the industry in 2009, with multi-year stints at Merrill Lynch and Wells Fargo before joining Morgan Stanley in 2017. Baig also served in the Marines and as an Air Force intelligence officer before to enter the financial services industry.
Baig managed about $130 million in client assets at his previous employer. He is forming Raymond James' Be Wealth Efficient, designing customized plans focusing on individuals in the technology and biotech industries. According to Baig, he wanted a “full-service” firm as his partner. He was wooed by Raymond James because of its investment and technology platform, which provided value to its “unique technology-focused clientele.”
But while the company gained an adviser in Baig, it is losing Texas-based Phil Eggers of Legacy Retirement Planning from LPL, where he previously worked.
“I've been in the LPL for 18 years now and I had a great experience the first time,” he said. “I feel like I'm coming home.”
Eggers managed approximately $170 million at Raymond James and was based in Plano, Texas, in the greater Dallas area. He entered the industry in 1990 at Dean Witter Reynolds before joining LPL in 1998, according to BrokerCheck. He joined Stratos Wealth Partners for a year in 2014 before eventually joining Raymond James in 2015.
Operations Manager Matthew Ford is also making the move. Eggers says the move positions his team for business continuity as he creates a succession plan to hand the reins to Ford in the future. Eggers is also a pilot who flies his own small plane for Angel Flight, which helps transport people to remote locations in need of medical care.
Last month, a team based in New Hampshire with about $350 million in assets under management, it was joined by Raymond James from Morgan Stanley. In February, the firm welcomed a $340 million team from South Florida on its employee advisor channel. The group also made the move from Morgan Stanley.
Additionally, Raymond James announced last month that Chief Financial Officer Paul Shoukry will succeed Paul Reilly as CEO in fiscal 2025, becoming the fourth CEO in the company's history. The move came as part of a “multi-year succession planning process,” with Reilly remaining on the board of directors as executive chairman, according to the firm.