Bennett and Gray operate as the Gray Bennett Group of Raymond James and join from Morgan Stanley, where they previously managed $140 million in client assets and had annual fees and commissions of about $1.1 million.

The move is part of the firm's drive to expand in the West, for which it recently brought in Rick Sanchez

Meanwhile, Raymond James has also recruited wealth advisor Roy Cook within its independent broker-dealer – in Wheaton, IL.

Cook joins the Sage Private Wealth Group, an independent firm with securities offered through RJFS, from BKD Wealth Advisors, where he previously managed $130 million in client assets and had about $1.3 million in annual production.