LPL Financial and Raymond James announced recruiting wins this week, pulling talent from rival firms as competition for established practices remains intense across the independent channel.
LPL said True Compass Advisors, a Connecticut-based team overseeing roughly $870 million in advisory, brokerage and retirement plan assets, has joined its broker-dealer and RIA platform after departing Kestra, following fast on the heels of an $815M Northwestern Mutual team, a $1 billion move from Ameriprise, and a Massachusetts-based team overseeing $635 million in advisory assets.
The True Compass group is led by Jared White, a 20-year industry veteran who operates out of Southbury, outside New Haven, and is joined by chief operating officer Karin Hubbard, advisors Harrison Graham and Laura Maguire, and support staff including Gianna DeAngelis, Lori Maxey, Leigh Waters and Debora Eschmann.
For White, it’s a return to LPL where he had been earlier in his career before moving to Kestra.
"LPL offers the technology, flexibility and scale to help us deliver on our long-term vision," White said. "The firm's platform allows us to integrate advanced planning capabilities and collaborate with a broader network of professionals, while maintaining the independence to grow our practice in a way that best serves our clients, our team and our community."
On the Raymond James side, the firm announced that Reece Nichols has joined Raymond James Financial Services, its independent advisor channel, bringing $268 million in client assets from Edward Jones and following the firm’s recruitment of a $480M UBS veteran in St. Louis this week.
Nichols, who has 25 years in the industry, now operates as Element Financial Services in Kilgore, Texas, serving families, individuals, family offices, business owners and clients approaching retirement.
A Texas A&M graduate in agricultural economics who holds both the Accredited Asset Management Specialist and Certified Exit Planning Advisor designations, Nichols cited the firm's private wealth capabilities and succession planning infrastructure as driving factors in his move.
"Joining Raymond James was a clear choice for our team given the firm is a leader in offering technology that gives advisors the tools to serve clients seamlessly," Nichols said. "The firm's strong support for succession planning and true business ownership offers advisors the freedom to build something lasting while remaining fully independent."
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