Raymond James continues Commonwealth recruiting streak with $2.8B team

Raymond James, already the top destination for advisor teams departing Commonwealth Financial Network, notched another big recruiting win with a New Hampshire group managing nearly $3 billion in client assets.

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Financial Strategies Retirement Partners is joining Raymond James Financial Services, the firm’s channel for advisors working as independent contractors, in Bedford, New Hampshire. The 24-person team had previously managed roughly $2.8 billion in client assets at Commonwealth Financial Network, which was bought last year by LPL Financial.

Among LPL’s rival firms, Raymond James has seen the greatest success in recruiting Commonwealth advisors left unsettled by the purchase of their firm. It picked up 145 Commonwealth advisors last year, according to numbers from the industry-tracking firm AdvizorPro, exceeding the recruiting efforts of other independent broker-dealers and regional firms.

Industry recruiters and others predicted that the purchase would leave many Commonwealth advisors questioning whether they could feel comfortable at the much-larger LPL. Commonwealth had roughly 3,000 advisors and $305 billion in client assets at the time of its purchase. LPL’s advisor headcount now stands at more than 32,000 and its asset total at around $2.3 trillion.

Why advisors keep saying goodbye to Commonwealth, LPL Financial 

Will Raymond James keep it up? How will LPL respond?

Phil Waxelbaum, the founder of the recruiting firm Masada Consulting in Scottsdale, Arizona, said one big question in the industry is whether Raymond James can maintain its recruiting momentum after most Commonwealth advisors have settled into their new homes — whether that be at LPL or elsewhere.

“What you’re not seeing at Raymond James is you’re not seeing this huge flood of recruits coming from other firms,” Waxelbaum said. “Mostly, they’ve been very good at a single, focused event, which was Commonwealth. So the big question here becomes: What will Raymond James’ recruiting look like after Commonwealth is done?”

Raymond James’ recruiting success has surely not gone unremarked at LPL, which plans to reinvigorate its efforts to pull advisors from rival firms after putting so much time into retaining Commonwealth advisors. 

“There is no firm that LPL is going to be happier about recruiting advisors from than Raymond James,” Waxelbaum said.

A $2.8B advisory team

Financial Strategies Retirement Partners was founded in 2007 as part of Commonwealth and is made up of 12 advisors and an equal number of support staff. Its assets consist of $1 billion in private wealth assets under management and $1.8 billion held in employer-sponsored retirement plans.

The firm is led by CEO and managing partner Shawn Monty and his partners Al Gilbert and Sarah Kenda. Monty began his career at First Investors in 1985, moved to Metlife Securities in 1988 and joined Commonwealth in 1995. Gilbert joined Commonwealth in 2007 after entering the industry in 1992 and spending time at various firms, and Kenda, following stints at various firms, went to Commonwealth in 2018 after joining the industry in 2002.

In a statement about joining Raymond James, 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.”