By Andrew Welsch
Raymond James Financial scooped up three advisor teams that previously oversaw more than $780 million in combined assets, according to company announcements this week. All three teams were previously affiliated with Commonwealth Financial Network, the highly regarded independent broker-dealer acquired this year by rival LPL Financial.
Mergers and acquisitions within the wealth management industry are seen as recruiting opportunities by competitors, and LPL's acquisition of Commonwealth has been no exception. Headhunters and rival firms doubled down on recruiting efforts over the past few months, hoping to pick off Commonwealth advisors reluctant to join a much larger brokerage firm. With about 2,900 advisors, Commonwealth's head count was a tenth the size of LPL's now nearly 30,000 advisor force.
Despite lucrative recruiting bonuses, relatively few Commonwealth advisors have left so far. LPL executives have said their company was on track to achieve its 90% retention target. Nonetheless, Raymond James' wins indicate some advisors are still executing career moves even after the close of LPL's acquisition.
Because Commonwealth advisors will not move to LPL's platform until next year, they may reason they have time to make a decision about whether to remain with LPL, join another company, or start their own registered investment advisory firm.
In the largest of three recruiting wins, Raymond James picked up a Troy, Mich.-based team that managed $450 million in client assets. The group includes advisors Gregory Hinkson, Adam Miller, Thomas Boogren as well as registered client service manager Lynn Gasser. They specialize in serving pre-retirees, retirees, business owners and medical professionals, according to Raymond James. The team registered with Raymond James on July 31, according to registration records.
Hinkson started his career at Waddell & Reed in 1991, according to BrokerCheck, a public database maintained by industry self-regulatory organization. He joined Commonwealth in 2005. Miller began his career at Commonwealth in 2007 while Boogren joined the firm in 2022.
In Westerville, Ohio, Raymond James picked up advisors Stew Flaherty and Tami Colvin; they oversaw approximately $305 million in client assets, according to the company. Flaherty and Colvin joined Commonwealth from LPL in 2013. They registered with Raymond James on Aug. 4. Moving with them are registered service representative Lia Casino and client services associates Erin Bäby and Tamara Adams.
Raymond James also recruited a team that managed approximately $125 million in Dundee, Mich. The group includes advisors Mark Kerr, David DeVantier, Brandon Proctor, Isaiah Bross and Ross Terrasi as well as office manager Colleen Geftos, director of client services Michelle Ramirez and Paraplanner Drew Ditto.
Although Raymond James announced their move this week, the team registered with the company on June 19, according to BrokerCheck.
Kerr joined Commonwealth from Edward Jones in 2016, according to BrokerCheck. DeVantier, Proctor, Bross, and Terrasi were more recent additions, having registered with Commonwealth in 2022, 2023, 2022, and 2024.
All of Raymond James' Commonwealth recruits joined the company's independent broker-dealer unit. Advisors affiliated with an IBD operate independent practices, and rely on the brokerage firm to provide technology and trading services.
Write to Andrew Welsch at andrew.welsch@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
August 28, 2025 13:04 ET (17:04 GMT)
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