While the competition for advisor talent has moderated from its frenzied pre-September pace, but the recruitment engine is still running at Osaic, Raymond James, and LPL.
In the latest moves this week, Osaic and Raymond James successfully lured more advisors from Commonwealth, while LPL reeled in a Missouri-based advisor team from Edward Jones.
Osaic announced a new addition to its Supported Independence W-2 channel on Thursday as it welcomed Virtus Wealth Solutions, an all-women advisory firm based in Morgantown, West Virginia.
The Virtus Wealth team, led by founder Rachel Wood and advisor Tressa Wood, previously managed $460 million in client assets at Commonwealth Financial Network.
The family-based practice includes five additional staff members, several of whom are on the path to becoming CFP-credentialed advisors.
Virtus Wealth cited Osaic’s technology platform, enhanced support, and flexible succession planning as key factors in the move. “Virtus Wealth is a family- and community-focused firm, and Osaic shares our vision to achieve that,” Rachel Wood said in a statement Thursday.
She added that the firm has “utmost confidence in the support we will receive to help us achieve our goals on behalf of our clients.”
The addition of Virtus Wealth follows a string of recent transitions from Commonwealth to Osaic, including Bridenback Wealth Management and Spear Wealth Management. Advisors Tom Schaible and Al Russo also recently joined Osaic's Supported Independence channel.
Raymond James Financial Services has also continued to prove its appeal to Commonwealth advisors with two teams transitioning in the South.
In LaGrange, Georgia, advisors Aaron Mabon and Summer Deal, along with office manager Lisa Ray, have joined Raymond James as True North Wealth Advisors. The group previously managed approximately $190 million in client assets and specializes in retirement planning and investment management for a diverse client base.
“Our mission is to guide clients toward financial freedom with thoughtful service and tailored strategies,” Mabon said, noting that Raymond James’ resources and culture allow the team to remain focused on client needs.
In Baton Rouge, Louisiana, Aucoin Wealth Management has joined RJFS. The team, led by Troy Aucoin and Patrick Dill, previously managed $156 million in client assets at Commonwealth, while advisor Jill Blair arrives from Morgan Stanley.
The group provides holistic planning for business owners, families, and individuals approaching retirement. Aucoin said Raymond James offers “the extensive resources and client-first culture that empower us to deliver truly personalized financial planning.”
Elsewhere in Missouri, LPL has welcomed Benjamin Worley and Robert Monroe, who have formed Worley Monroe Advisors in Dexter.
The pair reported serving approximately $400 million in advisory, brokerage, and retirement plan assets prior to the move from Edward Jones. With 36 years of combined experience, Worley and Monroe focus on pre-retirees and retirees across Missouri and several other states.
Worley described himself and Monroe as “puzzle people,” with a style of helping clients configure the different pieces of their financial picture to pursue their goals.
The departure of Monroe, who holds the CFP mark, could be seen as something of a setback for Edward Jones' positioning as a top brokerage firm with the most CFP advisors added in the industry.
The move in Missouri also comes as Edward Jones continues its pursuit of high-net-worth business as it revealed enhancements to its Edward Jones Generations program this week.
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