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Financial Planning > Behavioral Finance

Raymond James, LPL Recruit Teams With $150M

By Janet Levaux

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Independent advisors seem to be ripe for recruiting in 2014, judging from the latest news from Raymond James (RJF) and LPL Financial (LPLA).

Raymond James said Thursday that advisors Terry Wiles and Ryan Smith moved from LPL to its independent broker-dealer with close to $150 million in client assets. The team, which does business as Stonegate Financial in Cary, N.C., has produced yearly fees and commissions of $1.1 million.

“It’s a pleasure to welcome Terry and Ryan and their staff to our independent channel,” said Scott Whitley, regional director for Raymond James Financial Services, in a press release. “We look forward to supporting them, their practice and their clients.”

Wiles entered the business and 1999. In addition to LPL, he has been an advisor with Federated Securities and Edward Jones.

“We spent more than a year looking at a number of firms, conducting exhaustive research and due diligence so we could see for ourselves if the technology and support met our expectations,” said Wiles, branch manager and president of Stonegate, in a statement. “Raymond James clearly provided the best fit by exceeding our expectations with a positive and conducive culture.”

Smith started his career in financial services in 2005. Prior to his affiliation with LPL, he worked with Securian Financial Services.

The team says its services include financial planning, investment management, retirement strategies, income planning and advice related to life transitions.

LPL’s Latest Recruits

On Monday, LPL Financial said it added a team of advisors who formerly worked as bank-based affiliates of SunTrust.

Owenby Jones Wealth Management, led by Jonathan Owenby and Jeff Jones, had about $150 million in client assets as of Dec. 1. Their practice is based in Alpharetta, Ga.

“We are thrilled that Owenby Jones has decided to affiliate with LPL Financial,” said Bill Morrissey, executive vice president of business development at LPL Financial, in a press release. We are pleased to offer financial advisory resources and tools that will enable them to service their clients’ wealth management needs in as comprehensive, exceptional and fully customized a manner as they envision.”

The practice was formed in 2005 with a focus on wealth planning for individuals and families across the wealth spectrum, primarily through a fee-based structure. Owenby has 15 years of financial services industry experience, while Jones has 16.

“We are very pleased to become an independent firm and join LPL’s broker-dealer and corporate RIA platforms,” said the team members, in a joint statement. “Throughout our industry research, we continually found that LPL provided the best overall client experience in terms of a large number of critical factors, including technology, communications, investment offerings, open architecture, fee transparency, goals tracking and retirement planning.”

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