Advisor moves: Raymond James snags more Commonwealth advisors in East Coast

Raymond James, Osaic, and Compound Planning claimed key victories in the war for advisor talent, with Raymond James welcoming two more advisor teams from Commonwealth to its independent contractor division in the East Coast.

Raymond James welcomes Commonwealth teams in Massachusetts, New York

Raymond James Financial Services has continued its expansion by welcoming two advisor teams from Commonwealth Financial Network.

In Massachusetts, the father-son team of Ray and Joe Croteau joined Raymond James Financial Services, having previously managed more than $180 million in client assets. The Croteaus, operating as Croteau Financial, specialize in serving families, business owners, and retirees.

Ray Croteau, the senior advisor with 32 years of experience as a registered broker, said the firm’s “high-net-worth capabilities and the freedom to deliver personalized service” were key reasons for the move .

In New York, a five-advisor team previously managing $207 million at Commonwealth in Depew has also joined RJFS. Operating as Buffalo Financial, the group – which consists of Jeremy Beck, Matthew Pitrola, Jacob Wood, Tyler Sacco, and Matt Wojick – is expected to strengthen Raymond James’s presence in the Northeast. 

Prior to the Croteaus and Buffalo Financial, RJFS strengthened its presence in Nevada with a Las Vegas advisor duo formerly with RBC Capital Markets.

Osaic lands $840M credit union business with Blaze

Osaic announced it has expanded its institutional channel by affiliating with Blaze Credit Union, a Minneapolis-based institution formed from the merger of Spire Credit Union – which had an existing relationship with Osaic – and Hiway Credit Union.

Blaze Credit Union oversees $4.2 billion in assets and serves nearly 250,000 members. Through the new relationship, Osaic will provide infrastructure support to Blaze Wealth Management, which manages $840 million in assets, and Blaze Retirement & Investment Services.

Jim Ganger, senior vice president and chief experience officer at Blaze, said the credit union was founded to serve members “with compassion, integrity and a commitment to their financial well-being.” He added that Osaic’s approach to personal service was a key factor in the decision .

The news around Blaze comes just as Osaic announced it has officially closed its acquisition of CW Advisors, a Boston-based RIA managing $14.5 billion in fee-only client assets. The transaction brings approximately 150 professionals across 18 offices to Osaic.

Jamie Price, president and CEO of Osaic, said the acquisition “represents an important step in our long-term growth strategy and advances our vision for Osaic Advisors, our supported independence model.” 

Compound Planning surpasses $4 billion in AUM

Compound Planning also claimed a significant win this week, officially crossing $4 billion in assets under management.

So far this year, the New York-based firm says it has added 17 advisors across 10 states, welcoming 640 new clients.

It credited its rapid expansion – a 269% increase in assets since the formative merger deal that created it in September 2023 – to technology-driven planning and a focus on comprehensive client service.

"We’ve built our platform so clients can see their entire balance sheet in one place — and so advisors can serve them seamlessly — and that’s what’s driving our growth,"  said Alex Farman-Farmaian, co-founder and co-CEO of Compound Planning.