The headcount of financial advisors making the jump from Commonwealth Financial Network continues to rise, since its acquisition by LPL Financial earlier this year.
Raymond James has steadily picked up advisors from Commonwealth and has announced the addition of two more advisor teams to make the switch, following a $174 million advisor move earlier this week and a $120 million team last week.
Joining independent advisor channel Raymond James Financial Services having managed approximately $305 million at their old firm are Stew Flaherty, AIF, ChFC, CLU, CRC, and Tami Colvin, CFP, CRC, along with registered service representative Lia Casino, CRC, and client services associates Erin Bäby and Tamara Adams.
The Westerville, Ohio, team operate as FlahertyColvin and was with Commonwealth for 12 years.
Making the same jump are advisors Mark Kerr, AAMS, David DeVantier, Brandon Proctor, Isaiah Bross and Ross Terrasi, who managed almost $125 million with Commonwealth. They are based in Dundee, Michigan, and operate as Village Wealth Management.
The advisor team is joined by office manager Colleen Geftos, director of client services Michelle Ramirez and paraplanner Drew Ditto.
Earlier this week, Commonwealth lost its longtime marketing executive Sarah Howes to Farther and InvestmentNews revealed that Farther is also expecting more Commonwealth advisors managing approximately $800 million in AUM to join in the next few weeks, bringing its total recruited from the firm to $1.7 billion.
Despite the outflow of advisors to other firms, LPL Financial is on target to retain 90% of the advisors who were part of Commonwealth Financial Network when it announced the acquisition in March, according to a new report from Wolfe Research.
LPL is also focusing on ensuring that it offers its advisors valuable resources such as its Liquidity and Succession program to equip financial advisors to prepare for the future. Jeremy Holly, LPL's EVP of Business & Lifecycle Solutions, shared more of the firm’s strategy in an interview with InvestmentNews this month.
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