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Kestra Adds $2.2B in Assets Through Recruiting in Q3

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Kestra Financial added $2.2 billion in assets from 15 groups it recruited in the third quarter of 2020.

Of the 22 advisors who joined, eight came from wirehouse firms. Several others joined from other large broker-dealers like Edward Jones, LPL Financial, Raymond James and Stifel. Two of the 22 are women.

“Wealth management professionals from across the country continue to choose Kestra Financial to support their businesses,” according to Daniel Schwamb, head of business development.

“While we are pleased with the momentum from this past quarter, we know it is not coincidental,” Schwamb said in a statement. “We have quickly adapted to the new normal and worked diligently to provide the technology, industry expertise, and back office assistance needed to thrive in the current environment from anywhere, anytime.”

Kestra has “observed an acceleration of more wealth managers leaving employee models to launch their own businesses as a result of the pandemic,” he explained, predicting that, “moving forward, we expect to see a continuation of this trend.”

These are the advisors and groups that moved to Kestra in the third quarter:

Kestra has more than 1,700 affiliated independent financial advisors who worked with $88 billion in assets under administration as of Dec. 31, 2019. It is based in Austin, Texas.


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