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Financial Planning > Behavioral Finance

Recruiting Roundup: Raymond James Nabs $300M Wells Fargo Team

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In recent recruiting news, Raymond James added a $300 million advisor team in Alabama and a $150 million firm in Tampa; Sandra Smith left MJ Whitman to join Ameriprise; and Commonwealth Financial Network welcomed AC Financial Partners.

In addition, Sandra Cho went to LPL Financial; the advisory firm of Patton, Albertson & Miller joined Focus Financial Partners; and D.B. Root & Co. went independent.

Raymond James Financial Services (RJF), the independent broker-dealer, has added the $300 million advisor team of Margaret Boyd and James “Beau” Boyd in Selma, Alabama, operating as the Boyd Financial Group. In addition, the team of Bijan Mohseni and David Townsend also brought their Tampa, Florida-based independent firm InvestPro Wealth Strategies to RJFS.

The Boyds and their team join from Wells Fargo Advisors (WFC), where they previously managed some $300 million in client assets and had annual fees and commissions of more than $2 million. Mohseni and Townsend and their team join from AXA Advisors, where they previously managed roughly $150 million in client assets.

Ameriprise Financial (AMP) has announced that Sandra Smith has joined the firm’s Midtown Manhattan employee office from MJ Whitman. She will report to Todd Hubley, branch manager.

Smith, who has been in the industry for 27 years, is expected to bring about $230 million in assets under management with her.

Other News

Commonwealth Financial Network has announced that Linda Allison and Derrell Crimm and their team at AC Financial Partners have joined its network of independent financial advisors. AC Financial Partners was formerly affiliated with Lincoln Financial. The team brings with it $80 million in client AUM.

Sandra Cho, of Encino, California, has formed Pointwealth Capital Management and joined LPL Financial’s broker-dealer platform. Pointwealth will be served by independent RIA Golden State Wealth Management. Cho reported that, based on prior business, she had managed more than $184 million of assets, as of June 26. She joins from J.P. Morgan Securities.

Georgia-based financial advisory firm Patton, Albertson & Miller has joined Focus Financial Partners. The firm was founded in 2003 by Jimmy Patton, Marc Albertson and Bill Miller.

D.B. Root Goes Indie

Advisory firm D.B. Root & Co. went the independent route, leaving behind Commonwealth Financial Network and joining Dynasty Financial Partners. Charles Stout, senior advisor; David Hoffmann, vice president; Steve Kohler, senior financial advisor; Michael Aroesty, financial advisor; Lynn Hoffay, CPA; and nine support staff members also joined from Commonwealth.

D.B. Root is based in Pittsburgh and has client assets of more than $650 million.

— Read the Sept. 30 Recruiting Roundup on ThinkAdvisor.


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