The pushes and pulls for top advisor talent continued to be felt the broker-dealer and wirehouse spaces this week, with Raymond James scoring another win in its campaign to lure advisors from Commonwealth.
On Wednesday, Raymond James announced it has added a six-person advisor team from Pioneer Valley Financial Group in Ludlow, Massachusetts.
The group, led by managing partner Edward Sokolowski, managed more than $660 million in client assets at Commonwealth Financial Network before making the move to Raymond James Financial Services.
Sokolowski, who has over three decades of industry experience, cited the firm’s alignment with his client-first philosophy as a key factor in the decision. He said in a statement that Raymond James “shares my commitment to putting clients first while providing the resources and stability to address even the most complex financial needs,” adding that the move allows the team to maintain its community roots.
This latest addition is part of a broader trend of Raymond James recruiting advisors from Commonwealth following the latter’s acquisition by LPL Financial.
Going by previously managed AUM, the defections from Commonwealth to Raymond James has so far topped $4 billion. Nonetheless, one industry observer notes that LPL is still well within its ambitious 90% retention target.
RBC Wealth Management has welcomed James Christy, a veteran advisor with a background in both the public and private sectors, to its Tysons, Virginia branch.
Christy, who previously managed about $400 million in assets at Northwest Financial Advisors, where he worked for 22 years, is joined by senior financial associate Jennifer Ruppert.
Christy’s experience includes roles as a senior executive for Fortune 500 companies, an attorney, and a staffer at the US Capitol.
Warren Bischoff, RBC’s Mid-Atlantic complex director, said Christy’s dual-sector experience “brings valuable insights to his work with clients,” and noted the firm’s ongoing efforts to attract high-quality advisors in the region.
The Tysons addition follows a series of high-profile moves at RBC.
Earlier this year, the firm recruited The Degenaars Babb Group, a New York-based team managing more than $5 billion in assets from JPMorgan. RBC has also been reeling in a healthy stream of advisor teams from UBS, most recently onboarding a $1.1 billion sextet in Michigan.
Ameriprise Financial has expanded its branch channel with the addition of Oakwood Financial Group, a Winter Park, Florida-based practice led by Mike Lloyd.
The team, which managed $260 million in assets at Wells Fargo Clearing Services, made the move to leverage Ameriprise’s technology platform and client experience resources.
Lloyd said the firm’s integrated technology is “already transforming how we operate and engage with our clients,” and described the transition as smooth, with positive feedback from clients. He also highlighted the supportive culture at the local Ameriprise branch as a factor in the decision.
Ameriprise has continued to attract experienced advisors, with approximately 1,700 joining the firm in the last five years.
Finally, Wells Fargo Advisors Financial Network (FiNet) announced that it recently added several experienced advisors across its affiliated practices, collectively bringing more than $540 million in assets under management.
Among the new arrivals are Christopher Geary and Alan Markfeld in Richmond, Virginia, each overseeing $142 million, who joined Granite Wealth Management from Gallagher Fiduciary Advisors.
In Hauppauge, New York, Robert Sforza arrived with $170 million, moving from Citigroup to Retirement Plan Consulting Group.
Finally, Sean Wenham left LPL to join Green Wealth Management Group in Boca Raton, Florida, brining with him $96 million in assets.
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