LPL, Raymond James boost advisor ranks anew

LPL and Raymond James are building on their already-massive advisor networks with new recruitment moves.

LPL Financial welcomed Jackson/Roskelley Wealth Advisors, a Scottsdale, Arizona-based firm managing approximately $345 million in advisory, brokerage, and retirement plan assets. The firm, founded in 1994 by Bob Jackson, is now led by Jared Roskelley and Kyle Robertson, with the latter joining in 2015.

According to a statement Thursday morning, the advisors came from Ameriprise to join LPL's broker-dealer, RIA, and custodial platforms.

“We offer investment strategies, financial planning and goals-based advice to help clients feel more confident about their financial future,” said Roskelley, who took over the firm as president and CEO following Jackson's retirement.

LPL and Ameriprise have been locked in legal combat over the past year, with Ameriprise first alleging in a July lawsuit that LPL was engaging in questionable recruiting tactcis that "[subjected] the advisors it recruits to regulatory and criminal exposure.” In October, LPL fired back with another court filing saying the former's charges were nothing more than a "public relations stunt masquerading as a lawsuit" from a firm that gives "lip service" to the idea of advisor independence.

Meanwhile, Raymond James expanded its advisor network with the addition of Valerie Zwosta to its employee advisor channel, Raymond James & Associates. Zwosta, who previously managed $110 million in client assets at Wells Fargo, leads Zwosta Wealth Management of Raymond James from the firm’s Tulsa, Oklahoma, branch.

“I am thrilled to join Raymond James, a firm that’s philosophy and culture align perfectly with my practice and how I serve my clients,” Zwosta said in a statement Tuesday. “The support from both the local branch and home office has enhanced my ability to continue providing exceptional service.”

Zwosta has more than 26 years of experience in financial services, beginning her career at Merrill Lynch in 1998.

In January, Raymond James welcomed former Schwab advisor Kristin Sullivan, who joined Summit Financial to become part of Raymond James Financial Services. The firm also recruited two other Oklahoma-based advisors, John “David” Veitch and Drew Veitch, whose family practice severed ties with Morgan Stanley to integrate with RJA's Tulsa branch.

In their latest earnings calls last week, both LPL and Raymond James reported strong growth to cap off 2024. LPL's advisor assets surged 30 percent to $957 billion, while its advisor headcount increased by 6,228 year-over-year.

Meanwhile, Raymond James reported a 14 percent year-over-year jump in client assets under administration. Although its efforts to bolster headcount at RayJay were set back by the departure of a large independent practice leading to a $5 billion loss in AUA, outgoing Raymond James CEO Paul Reilly maintained an optimistic outlook.

"Despite some seasonal headwinds, we are optimistic entering the fiscal second quarter with strong client asset levels, solid loan growth and healthy activity levels for both financial advisor recruiting and investment banking,” Reilly said. "Despite some seasonal headwinds, we are optimistic entering the fiscal second quarter with strong client asset levels, solid loan growth and healthy activity levels for both financial advisor recruiting and investment banking.”