Raymond James has hired five Morgan Stanley executives who have formed Oak Wealth Management Group, according to Florida division director Ira Federer of Raymond James & Associates, the employee broker-dealer of Raymond James Financial Inc.

The five executives hired are Paul Zirakian, Lance Powers, Nan Bonfield, Brenda D'Arville and Albert Ray. They had worked in Morgan Stanley's Ocala, Fla., office.

"We are thrilled to have such a talented group of advisors joining our firm," said Federer. "They bring a valuable combination of knowledge and experience. Most important, they share our firm's commitment to putting the needs of clients first."

"We joined Raymond James because we wanted a strong partner for us and our clients," said Paul Zirakian, first vice president, investments. "We thoroughly researched our options, and we believe the culture and values of Raymond James make it a perfect fit."

Zirakian, Powers, Bonfield, D'Arville and Ray came to Raymond James from Morgan Stanley Smith Barney, where they managed more than $150 million in assets and had $1.7 million in annual production.

Zirakian is a 20-year veteran of portfolio management with Smith Barney. Powers, with 15 years' experience in the financial services industry, was a portfolio manager at SunTrust Bank before joining Morgan Stanley in 2008.

Bonfield, a chartered financial analyst and a certified public accountant, was vice president and senior portfolio manager with SunTrust Bank from 1997 until joining Morgan Stanley in 2008.

D'Arville was a tax accountant and an accredited tax advisor for 25 years before joining Smith Barney in 1997.

Ray joined Smith Barney in 1994, after 18 years in sales and corporate financial analysis with IBM.

Oak Wealth Management Group of Raymond James specializes in providing a full range of comprehensive financial planning services, including portfolio management, estate planning and retirement planning. Zirakian and Powers co-manage portfolios for the group and others in the office.

St. Petersburg, Fla.-based Raymond James Financial Inc. has approximately 5,400 financial advisors serving 2 million accounts in 2,400 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $271 billion, of which approximately $34.8 billion are managed by the firm's asset management subsidiaries.