Raymond James scores a $400M advisor

Raymond James brings in a $400M rep, in Advisor Moves

January 3, 2025 1:18 PM

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Industry recruiting and acquisitions slow down during the holidays but don't come to a halt.

Here are some of the biggest advisor moves and wealth management deals from the past two weeks.

Raymond James recruits $400M advisor to its independent channel

Raymond James has recruited to its independent channel an advisor formerly managing roughly $400 million from a rival broker-dealer.

St. Petersburg, Florida-based Raymond James has brought on Chris Helton, who runs Helton Wealth Management in Hunstville, Alabama. Helton had previously been at Columbus, Georgia-based Synovus Securities.

Helton is joining Raymond James Financial Services, the firm's channel for independent advisors. Helton specializes in working with high net worth clients, owners and people nearing retirement.

He has 18 years of experience, having started at Morgan Stanley Dean Witter in 2006 and moving to Infinex Investments later that same year. He joined Synovus in 2010, according to BrokerCheck.

Focus Financial folds RIA into $7B Prairie Capital

Focus Financial Partners is continuing to merge investment advisory practices under its larger umbrella.

Focus, an RIA aggregator backed by the private equity firm Clayton, Dubilier & Rice, is tucking Brownlie & Braden Advisors of Dallas into Kansas City, Missouri-based Prairie Capital Management Group.

Brownlie & Braden joined Focus in 2017 and specializes in working with high net worth and ultrahigh net worth clients. The merger gives Prairie Capital a presence in the Dallas-Forth Worth area while giving Brownlie & Braden access to Prairie's planning and investment resources, expanding their advisory capabilities for clients. Prairie Capital, acquired by Focus Financial in 2021, now manages roughly $7 billion in assets.

Focus Financial has been one of the busiest private equity-backed RIA acquirers in the wealth management industry in recent years. It's now in the process of consolidating many of the individual practices it owns into four larger "hubs."

Captrust scoops up two RIAs with $2B in AUM

The RIA aggregator Captrust Financial Advisors has bought a pair of advisory practices operating separately out of Virginia and Minnesota.

Captrust, backed by the private equity firms GTCR and Carlyle, announced last month the purchases of Campbell Wealth Management in Alexandria, Virginia, and TruNorth Wealth Partners in St. Paul Minnesota.

Campbell Wealth was founded in 2003 and has 22 employees and $1.4 billion under management. TruNorth was founded in 2005 and has 10 employees and $570 million under management.

Raleigh, North Carolina-based Captrust has also been among the most aggressive RIA aggregators in recent years. In November, for instance, it announced it was buying Boston Financial Management, a firm with $5 billion in AUM.