LPL and RBC each announced big recruitment moves, attracting billion-dollar powerhouse advisors from Northwestern and JPMorgan, while Raymond James and Osaic continued to add more advisors at LPL's expense.
LPL Financial announced Thursday that it has added Tennant Financial, a Ballston Lake, New York-based team, to its broker-dealer and RIA platform.
Led by Steven Tennant, Jeremy Berry, and Ryan Wade, the group previously worked with Northwestern Mutual, where they reported approximately $1.3 billion in advisory, brokerage and retirement plan assets.
Tennant Financial’s approach centers on holistic planning for high-net-worth families, executives, business owners and clients experiencing life transitions. The partners, who have collaborated since 2000, cited the desire for greater independence and access to advanced technology as primary reasons for the move.
“Our research and planning process, combined with LPL’s technology and integration capabilities, were key factors in our decision,” Berry, whose 26-year record of registration with FINRA began at Northwestern Mutual, said in the announcement.
Tennant's own 28-year BrokerCheck record also started with Northwestern Mutual. Wade, who's been registered with FINRA since 2004, began his record at Merrill Lynch before moving to the insurance giant a year later.
Berry said that the team is “on the cusp of significant change fueled by AI and the impact it will have on our abilities as advisors to provide the best service possible for our clients.”
The Tennant Financial team's move marks a setback for Northwestern Mutual, which in March set an audacious goal of hiring 5,000 new financial planning professionals this year.
RBC Wealth Management announced it has expanded its New York City branch with the addition of Kevin Carey, who previously managed nearly $1 billion in client assets at JPMorgan Wealth Management.
Carey, who has more than 27 years of industry experience, pointed to RBC’s reputation for client-first service and its collaborative culture as motivating factors for his move.
“I was impressed by the firm’s unique culture, resources to serve high-net-worth and ultra-high-net-worth clients and the firm's collaborative approach,” Carey said in a statement.
John Moran, New York Metro complex director, noted that the firm continues to attract experienced advisors to both RBC Wealth Management and the New York City market.
RBC has proven to be something of a magnet for JPMorgan advisors in New York this year, with one elite $1.2 billion team making their move in January and another near-dozen advisors managing over $5 billion transitioning in April.
Raymond James has welcomed Michael and Christopher Raymond, a father-son team managing $100 million in client assets, to its independent advisor channel in New Haven, Connecticut.
The pair, formerly with LPL Financial, serve a diverse client base that includes high-net-worth individuals, retirees, non-profits and those requiring specialized settlement and probate account services.
Michael Raymond, a six-year Navy veteran and founder of the firm, said the move was driven by the desire to combine advanced technology with the judgment gained from years in the industry.
“At Raymond James, we can combine advanced technology and private wealth capabilities with the judgement that comes from having guided clients through every market cycle since the 1970s,” he said in a statement.
Separately, Raymond James Financial Services welcomed Matthew Lang in Monument, Colorado office. Lang, who previously managed $136 million in assets at Commonwealth Financial Network, emphasized the firm’s technology and independence as factors that would help him continue to meet client needs.
“Our clients place a great deal of trust in us to preserve their wealth and help them stay on course toward their goals,” said Lang, whose 27 years of financial services experience includes the past decade at Commonwealth.
The move in Colorado extends a streak of Commonwealth defectors affiliating with RJFS, including a father-son duo that Raymond James welcomed in Texas this week.
Osaic has announced the affiliation of AFC Planning Group, a Melville, New York-based team led by Lou Addesso and Frank Fattizzi, who oversee $110 million in assets.
The tandem, who are joining Osaic’s OSJ, Affiliated Advisor, specializes in serving high-net-worth individuals and small to mid-sized businesses.
Addesso said the move was about building long-term relationships and aligning with a firm that shares their values. “It’s not about transactions – it’s about long-term relationships,” he said.
Kristen Kimmell, executive vice president of business development at Osaic, said the partnership is a natural fit and that the firm continues to attract teams seeking a client-first culture and enhanced support.
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