Raymond James Continues to Attract Advisors from Commonwealth Financial Network
The Manning Companies, a five-advisor group in San Diego, California, has recently made the switch to Raymond James Financial Services, the firm’s channel for independent advisors. This team of advisors previously managed $1.1 billion at Commonwealth Financial Network.
Commonwealth’s Losses, Raymond James’ Gains
Since Commonwealth Financial Network was acquired by LPL Financial in August, there has been a noticeable exodus of large advisor teams from the company. Raymond James has been one of the primary beneficiaries of these departures, consistently announcing new teams recruited from Commonwealth almost every week since the acquisition.
One such team that recently joined Raymond James from Commonwealth is the Pioneer Valley Financial Group, a six-person team that previously managed $660 million in Ludlow, Massachusetts. Led by Edward Sokolowski, who has been in the industry since 1992, this team brings a wealth of experience and assets to Raymond James.
LPL’s Retention Goals
With LPL Financial aiming to retain over 90% of Commonwealth’s advisors and assets under management following the acquisition, the industry has been closely watching for any signs of attrition. While there has been a slight decrease in headcount at Commonwealth since the purchase, industry analysts like Steven Chubak of Wolfe Research remain optimistic that LPL will meet its retention goals.
Chubak noted in a recent report that while attrition at Commonwealth has increased in the past few months, this trend is in line with typical deal seasonality where attrition peaks 3 to 6 months post-announcement.
Expanding Advisor Teams at Raymond James
Meanwhile, Raymond James is further strengthening its channel for independent advisors with the addition of an 11-advisor team from Equitable Advisors. Southwest Wealth Strategies, led by managing partner John Arnold, previously managed $850 million at Equitable Advisors and is based in Scottsdale, Arizona, with offices in Las Vegas, Nevada; Albuquerque, New Mexico; and Bozeman, Montana.
Equitable Advisors, the wealth management arm of Equitable Financial Life Insurance, boasts over $100 billion in assets under administration and approximately 4,500 financial professionals in the U.S. The addition of Southwest Wealth Strategies further solidifies Raymond James’ position as a top choice for independent advisors.
Raymond James’ Growth and Success
Raymond James has continued to see success in the independent advisor space, with a strong showing in this year’s IBD Elite ranking. With 8,787 advisors as of October 2024, Raymond James remains a top player in the industry, offering a supportive environment for both direct employees and independent contractors.
Overall, Raymond James’ ability to attract top advisor teams from competitors like Commonwealth Financial Network showcases the firm’s commitment to providing a robust platform for independent advisors to thrive and grow their businesses.
