Raymond James (RJF) said Monday that its independent channel recruited a team of advisors previously affiliated with LPL Financial. The team manages about $200 million in assets out of an office in Green Brook, N.J.
Meanwhile, several boutique wealth-management groups, including one affiliated with LPL Financial (LPLA), have been adding independent advisor teams to their operations.
Raymond James says its latest team does business as Foran Financial and includes Dan Foran, CFP; John Foran CFP; and Jessica Foran, CFP; Foran has a satellite office that includes Brian M. Sweatt and Mark Z. Walters, operating as Sweatt & Walters, Insurance & Investment Advisors.
“We are delighted to welcome these outstanding financial advisors to our independent channel,” said Tom Harrington, Northeast regional director for RJFS, in a statement. “They are all high-quality advisors, three with many years of experience and two with a very bright future – and all have a deep commitment to clients. We are pleased they decided to affiliate with Raymond James for their continued growth and success.”
Dan Foran went into the business in 1982 and worked as an LPL-affiliated advisor for the past 17 years at LPL. His children joined the team in 2010. Sweatt had more than 30 years of investmentservices experience, while Walters has been in the field for over 40 years.
“My children John and Jess are the future of this practice,” said Dan Foran in a press release, “so in looking at affiliation options, we wanted to work with a firm that has the educational resources, technology advancements and research capabilities that are aligned with our practice’s vision for the future. Raymond James has great, accessible leadership and the highest integrity. We were attracted to the culture of the firm and it is a natural fit.”
Beacon Pointe News
Beacon Pointe Wealth Advisors said in late November that it added four experienced advisors to its Scottsdale, Arizona, office in late November with over $500 million in client assets. The four advisors are Brian Coughlan; Landen Lunsway, CFP; Chris Palermo, CFA, CFP; and Andrew Reinhardt, CFP.
The four advisors were previously affiliated with Capital Investment Counsel of Denver.
“This merger will not only more than double our advisor count in Scottsdale, but also set the foundation for that location to become a multibillion-dollar office,” explained Matt Cooper, president of Beacon Pointe Advisor’s Private Client Group and head of BPWA, in a press release. “With Brian, Landen, Chris and Andy, we are adding four senior advisors in the prime of their careers, who also happen to represent a significant block of business.”
Each advisor has 14 or more years of industry experience, according to BPWA.
“Each individual brings a caliber of service and expertise in tailored investment solutions and financial planning that directly aligns with our mission to provide our clients with superb service across the board,” said Bruce Meyer, founding partner and managing director of BPWA Arizona, in a statement. “We are extremely excited about this new partnership and further elevating our office in Arizona.”
In addition to Meyer, the recently added reps will work with advisors Matt Armistead, Eric Newby and Andrew Saltzman in the BPWA Arizona office.
Palermo, for instance, has worked in the past for Northern Trust and Charles Schwab, which also employed Reinhardt for a time.
Beacon Pointe Wealth Advisors, an independent RIA, and its sister firm Beacon Pointe Advisors, also an RIA, have over $8 billion in combined assets under management; they use Schwab, TD Ameritrade and Fidelity as custodians.
First Wealth Financial Group founder, CEO and advisor Breton Williams recently moved his practice to Stratos Wealth Partners, an independent, hybrid RIA affiliated with LPL Financial in Clinton, Iowa.
Williams has over 27 years of experience in the financial services industry and will serve as a wealth consultant for Stratos Wealth Partners, which plans to retain roughly $80 million in assets under management in the transition.
“There are many reasons why I chose to transition our affiliation with Stratos and LPL,” Williams said, in a statement. “But we’re most excited about its active money management options and how Stratos focuses on appropriate tactical moves. Furthermore, Stratos’ business and life values are similar to ours. Its emphasis on the needs of the client above all else matches the mission of our firm.”
Stratos Wealth Partners says it has added over 40 new financial advisors over the past year, bringing its total count to over 180. In addition to the new office in Clinton, the firm has offices in Asheboro, North Carolina; Birmingham, Michigan; Baton Rouge, Louisiana; Gulfport, Mississippi and Scottsdale, Arizona.
— Check out RIA Beacon Pointe Is 65% Female, by Accident on ThinkAdvisor.