Advisor Moves

Also this week, LPL Financial and Janney Montgomery Scott log recruiting deals while RIA aggregators like Sanctuary Wealth, Beacon Pointe and Carson Group go on an acquisition tear.

As Raymond James, Wells Fargo and RBC reported big recruiting deals this week, FINRA said it was going to pay back to its members a large chunk of the fees they paid last year.

Osaic and UBS have both been on the losing end of some recruiting deals in recent months, while this week Cambridge, Rockefeller and RBC were on the winning end.

Also this week, Raymond James pulls from Ameriprise, UBS from Morgan Stanley and LPL from RBC.

RBC Wealth goes to UBS again to pull over advisors with large AUM tallies; Carson Group buys a firm in Colorado, and Goldman Sachs alumni set up an RIA through Dynasty Financial.

LPL Financial also pulls an advisory team from RBC, and Cetera hires a chief fiduciary officer for its trust subsidiary.

UBS continues to lose larger advisory teams after making changes to compensation policies last year. Meanwhile, Ashton Thomas and LPL both score advisory teams.

Also this week, LPL picks up teams from Cetera and Ameriprise and Stifel draws from Merrill

Also this week, Hightower invests in a large RIA and Bernstein names a new head of wealth management.

Also this week, a Dynasty Financial firm picks up a $1.5B team from Morgan Stanley, Wells Fargo recruits from PNC Investments and UBS, and LPL draws from Osaic.

Also this week, Focus Financial ups the responsibilities for some top executives and Advisor Asset Management appoints a new CEO.

Edward Jones meanwhile reshuffles its leadership ranks amid its push to become a full-service financial planning firm, and Rockefeller picks up big teams from Merrill.

In a big week for industry recruiting, Stifel lands practices managing $2.9 billion at Merrill, Merrill recruits a $1.9 billion team from Raymond James and Rockefeller pulls part of a $2.3 billion team from UBS.

Modern Wealth also takes on $1B in AUM through two acquisitions, and LPL hires a chief data, AI officer from JPMorgan.

Also this week, Raymond James recruits from Morgan Stanley, and Mercer Advisors and EP Wealth Advisors make big M&A deals.

Also this week, Ameriprise CEO James Cracchiolo sees a 12% bump in compensation in 2024 and new LPL CEO Rich Steinmeier also sees a hefty pay bump.

Stifel pulls a $1.35 billion team from Raymond James, while LPL draws from Edward Jones and Wells Fargo, in advisor moves this week.

Also this week, Captrust scoops up a $1.4 billion RIA, and Mercer Global adds a head of M&A.

Also this week, Cetera closes on its purchase of Concourse Financial Group, and Raymond James appoints a head of AI.

Mercer Global Advisors and EP Wealth also extend their reach into the Nashville, Tennessee area with RIA acquisitions.