Two of the industry's largest independent broker-dealers announced advisor recruitment wins this week, with LPL Financial and Raymond James Financial Services together adding practices overseeing approximately $470 million in client assets.
Pat Gilbert and James Gilbert, the father-son duo behind Preferred Financial Group have joined LPL Financial's broker-dealer and registered investment advisor platforms. The team reported managing approximately $230 million in advisory, brokerage and retirement plan assets and transitions to LPL from Harbour Investments, Inc.
Operating out of the Battle Creek and Kalamazoo, Michigan area, the Gilberts have worked together since 2014, combining nearly 50 years of industry experience between them.
Pat Gilbert said the move was driven by a need for a platform that could scale with a growing practice.
"As our practice has grown, it became clear that we needed a platform that could grow with us," he said. "LPL's technology, ease of doing business and resources position us to serve clients more efficiently while also helping build the firm for the next generation of advisors."
Marc Cohen, chief growth officer at LPL Financial, said the Gilberts exemplify the relationship-based advisory model the firm targets in its recruitment efforts.
"Preferred Financial Group reflects the kind of deeply personal, relationship-based advice that clients value, with a team approach built on collaboration, accessibility and a genuine commitment to helping families navigate each stage of their financial lives," Cohen said.
In New Jersey, independent financial advisor Jeffrey Stillwell, CLU, has affiliated with Raymond James Financial Services, the independent channel of Raymond James Financial.
He managed approximately $240 million in client assets at his old firm, Ameriprise Financial Services.
Stillwell, who operates as Stillwell Financial Advisors in Red Bank, New Jersey, is joined by operations manager Theresa Francy.
"Many of our clients are business owners and we wanted broader capabilities to support them through growth, financing, mergers and acquisitions and other liquidity events," Stillwell said. "Raymond James brings together investment banking access, lending solutions, technology and home office support in a way that strengthens how we can serve those needs."
Stillwell brings more than 31 years of financial services experience to his new affiliation. A Michigan State University graduate, he holds the Raymond James Private Wealth Advisor and Chartered Life Underwriter professional designations. His move to RJFS was confirmed by Daniel Cole, Northeast division director for Raymond James Financial Services.
The recruitment comes as Raymond James continues to build out its independent channel with advisors seeking specialized resources for complex client needs. The firm has been particularly active in attracting practices with affluent and business-owner clientele, where access to investment banking and lending capabilities can differentiate service offerings.
The two announcements add to what has been a robust year for advisor recruiting across the independent broker-dealer landscape so far, with competition for experienced advisors and established books of business intensifying among major platforms.
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