There was no love lost among broker dealers competing for advisor talent this week as Raymond James continued to notch wins against LPL, which scored points of its own with a new addition to its Linsco employee advisor channel.
Raymond James Financial Services has welcomed several advisors who previously managed a combined total of nearly $300 million in client assets.
In Olathe, Kansas, Brett Flood and Tony Cox joined from LPL, bringing with them experience overseeing more than $170 million in assets. The team, which serves families, individuals, and retirees, cited Raymond James’ culture and resources as key factors in their decision.
Flood said the firm brings together “the culture, technology and research needed to lead our clients with the clarity and precision they deserve.” He added that the move allows the team to prioritize client relationships and deliver personalized guidance.
Cox, who has over 25 years of industry experience, highlighted the firm’s client-first approach and the strength of its research and technology.
In Flemington, New Jersey, RJFS also added Michael Salerno, who previously managed about $125 million at Commonwealth. Salerno, who leads Executive Wealth and Retirement Strategies, specializes in retirement planning for corporate executives and business owners.
He said the move to Raymond James aligns with his longstanding focus on helping clients navigate important financial decisions and allows him to maintain his client-centered philosophy.
Raymond James has been steadily chipping away at the elite advisor community LPL scooped from its acquisition of Commonwealth, but at least one analyst says LPL is still healthily within its goal of retaining 90% of those high-value advisors.
LPL has brought on Paddock and Pine Wealth Partners, a team led by Stephen Carleton and Tom Niles in Saratoga Springs, New York. The duo, who have worked together for a decade, reported overseeing approximately $330 million in advisory, brokerage, and retirement plan assets at Janney.
They join LPL’s employee advisor channel, Linsco by LPL Financial.
Carleton said his approach is to “understand how [clients] got their money, what their views are on money, what kind of risks they're willing to take and what kind of financial planning method they are most comfortable with.” Niles, who guides clients through comprehensive planning, pointed to LPL’s technology and hybrid platform as a major draw.
The pair are just the latest addition LPL has made to Linsco this year, which have included a $600 million team from UBS and a veteran duo who managed $400 million at Wells Fargo.
Ameriprise Financial has continued its advisor recruitment push, adding teams in the Sun Belt and Northeast. JMOD Financial Services, led by Joe Kelly, joined Ameriprise’s independent channel from LPL Financial with more than $110 million in assets at their previous firm. The practice, with offices in Miami and Rochester, New York, is supported by advisors Frank Del Busto and Dave Fedrizzi.
Kelly said Ameriprise’s “strong name recognition and reputation for integrity give our clients confidence,” and that the firm’s technology investments will help the team deliver a “modern, personalized and elevated client experience.” He also pointed to the firm’s investment platform and research resources as factors that will enhance the team’s evidence-based approach.
In Mobile, Alabama, Roy LeBlanc joined Azalea Wealth Management, an established Ameriprise practice led by David McKean Jr., after managing over $100 million at Wells Fargo Clearing Services.
LeBlanc cited Ameriprise’s reputation and client-focused culture as reasons for the move, adding that the transition was “seamless” and that the support he received “exceeded my expectations.” He emphasized that the move was about ensuring long-term continuity for his clients, expressing confidence in the team and the firm’s ability to provide ongoing care.
Ameriprise reports that it has attracted roughly 1,700 advisors over the past five years.
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