RayJay Adds $340M Morgan Stanley Team

Raymond James is expanding its footprint in South Florida, bringing on two Morgan Stanley financial advisors, David Behar and David Nagel, to its employee advisor channel, Raymond James & Associates, in Hallandale Beach.

The Behar-Nagel Group of Raymond James, which includes senior registered client service associate Lynne Kistenmacher, managed around $340 million in client assets at Morgan Stanley for business owners, executives, family offices and individuals preparing for or living in retirement.

“We found Raymond James to be the right fit for our team and clients. The firm’s commitment to domestic and international clients, as well as the respect it has for advisors, made the choice simple,” said Nagel.

Behar has more than four decades of experience in banking and wealth management. He worked at Israel Discount Bank, Multi Commercial Private Bank Switzerland, and Multi Commercial Private Bank for nearly two decades before joining Smith Barney as a financial advisor in 1999. Behar later joined UBS in 2005, and Morgan Stanley in 2014.

Nagel is VP, wealth management. He began his career at Morgan Stanley, where he spent over six years as a financial advisor. His professional background also includes six years working for an employment screening company, according to the firm.

The move comes on the heels of Raymond James bringing on Enrique Gumucio, another former Morgan Stanley advisor. Gumucio, who joined the Brickell Avenue branch in Miami as SVP of wealth management, managed about $100 million in client assets.

Raymond James & Associates’ parent company, Raymond James Financial, has around 8,700 financial advisors globally who managed approximately $1.37 trillion as of the end of 2023, according to the firm.