Raymond James, LPL Financial and NewEdge Wealth each added veteran advisor talent this week, with the moves spanning independent broker-dealer platforms, RIA firms and a combined $3 billion-plus in client assets.
Financial Strategies Retirement Partners, a 24-person firm based in Bedford, New Hampshire, has joined Raymond James Financial Services, the firm's independent advisor channel.
The group managed $2.8 billion in client assets at Commonwealth Financial Network, including $1 billion in private wealth assets under management and $1.8 billion in employer-sponsored retirement plan assets under advisement.
The team consists of 12 financial advisors and 12 branch service professionals and is led by CEO and Managing Partner Shawn Monty alongside partners Al Gilbert and Sarah Kenda. The firm serves business owners, families and plan sponsors, offering both comprehensive financial planning and fiduciary guidance on retirement plans.
Monty started his financial services career in 1985 and spent three decades at Commonwealth before making the move. Gilbert, who co-founded FSRP with Monty in 2007, has more than 30 years of industry experience and Kenda, who became a partner in 2018, has been in the industry for 25 years.
"Joining Raymond James marks an exciting new chapter for our team and the clients we serve," Monty said. "We were looking for a partner that supports independence, innovation and long-term growth while enabling us to continue delivering the personalized guidance our clients expect. Raymond James empowers us with the platform and resources to build on the foundation we've created over the past three decades."
Steve Schott, owner and CEO of Schott Financial Management in Prescott, Arizona, has moved his practice to LPL Financial from Cambridge Investment Research. Schott reported approximately $240 million in advisory, brokerage and retirement plan assets.
The firm marks its 40th year in business this year, making it a rare third-generation practice. Schott joined the business in 2012 and purchased it six years ago. Schott Financial Management focuses on retirees and near-retirees, guiding clients through what Schott calls the "four stages of retirement" — from pre-retirement planning through estate and end-of-life financial considerations.
Technology drove the decision to move to LPL, specifically the firm's self-clearing platform and client portal.
NewEdge Wealth has hired Alex Watts as a principal, bringing him over from Merrill Lynch Private Wealth where he spent roughly a decade rising to Senior Vice President. Watts has more than 20 years of experience working with business owners, entrepreneurs and multigenerational families.
Watts began his career as an investment analyst at GenSpring Family Office before moving to JPMorgan Private Bank.
NewEdge Wealth now operates across 16 locations with more than 60 ultra-high-net-worth advisors. The firm focuses on serving ultra-high-net-worth and high-net-worth families, family offices and institutional clients.
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Elsewhere, Raymond James absorbs a family-run practice from Commonwealth into its independent channel, while RBC welcomes a father-son tandem formerly from UBS.
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