Advisor moves: Raymond James, Wells Fargo reel in billion dollar-plus advisor teams

Raymond James, Wells Fargo, and Osaic have continued to notch notable wins in recruitment this week, with Raymond James and Wells Fargo each adding a billion dollar-plus advisor team to their respective networks.

Raymond James adds $1.8 billion superteam on the East Coast

Raymond James has welcomed Greenberg & Rapp and its Eagle Rock Wealth Management subsidiary, a 16-member advisor team, to its independent channel.

With offices in Morristown, New Jersey, and West Palm Beach, Florida, the group joins Raymond James Financial Services from M Financial Group, where they oversaw $1.8 billion in client assets.

The team, led by founders and principals Ronald Greenberg and Thomas Rapp, specializes in serving ultra-high-net-worth families through private placement life insurance, variable annuities, and tax mitigation strategies.

“In our discussions with Raymond James, it became clear that they have the cutting-edge technology and home office support we need to focus our time on serving clients,” said Greenberg. 

Thomas Rapp noted that their clients require sophisticated solutions and said the support received during the transition confirmed the decision to move .

RJFS also welcomed Shannon Chiarello, a North Carolina-based advisor previously managing $130 million in assets at Edward Jones. Her practice focuses on comprehensive financial planning for a range of clients. 

The moves extend a busy recruiting week for RJFS, which has also included two groups defecting from Commonwealth Financial Network.

Wells Fargo welcomes $1.7 billion team in Louisiana

Wells Fargo Advisors has expanded its Baton Rouge branch with the Feld Weinstein Group.

The team – led by David Weinstein, Ira Feld, Sergio Collette, and Brandon Chagnard, with support from three client associates and a client performance analyst – brings a combined $1.7 billion in assets under management and more than 90 years of experience.

According to their BrokerCheck records, Weinstein, Feld, and Chagnard arrive from Morgan Stanley, while Collette was most recently with Merrill Lynch.

Wells Fargo also announced the addition of Nichole Fawley to the Baton Rouge office. With 23 years of experience, she was most recently affiliated with Morgan Stanley and oversees close to $100 million in assets.

Heather Hunt-Ruddy, central divisional leader at Wells Fargo, said the new advisors are “well-regarded” and “renowned for their deep expertise in serving high-net-worth families, institutions, and business owners.” She added that the team is positioned to leverage the firm’s full capabilities, including access to its wealth, commercial, and investment banking platforms. 

Ex-Commonwealth advisor goes solo at Osaic

Over at Osaic, financial advisor Joelle Spear has launched her own eponymous firm, Spear Wealth Management, in Massachusetts.

Formerly a partner and financial advisor at Canby Financial Advisors, an affiliate of Commonwealth, Spear oversees about $170 million in assets and specializes in guiding clients through major life transitions.

Based in Framingham, she made the switch to Osaic by joining IFG, one of its leading OSJs.

“Osaic stood out as the right home to embark upon this next chapter,” Spear said, highlighting the operational support and flexibility she found with the platform.

Earlier this month, Osaic also announced it had added a $275 million family practice from LPL, which recently completed its acquisition of Commonwealth.