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.