Raymond James Financial

Raymond James accuses the widower of an advisor of using data stored on his wife's company-issued computer to solicit clients for a rival firm.

Raymond James has gone from being one of the lowest payers of third-party recruiters to one of the higher. That's helped it get more "swings at the plate" with teams looking to leave rival firms.

The numbers don't reflect much change in the low representation of female wealth management professionals, but there are some signs of progress.

Each of the biggest firms in the channel grew substantially in 2024, but LPL's giant M&A deal to buy Commonwealth for $2.7 billion has further consolidated the ranks.

Firms like LPL, Cambridge, Osaic, Independent Financial, Commonwealth, Raymond James, Ameriprise and Cetera are racing to develop new tools.

The large St. Petersburg, Florida-based wealth management firm claimed its best advisor recruiting figures since the global financial crisis, though it didn't cite specifics.

The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.

Ted Pick and Paul Shoukry both see advantages in their firms' ability to invest in technology, offer banking services and provide access to alternative investments.

Industry trackers see Raymond James' proposal to buy minority stakes in its independent affiliates as a good way to reinvest while also warding off outside competition.

CEO Paul Shoukry also told analysts that the merger and acquisition deals coursing through the industry could open doors for firms eager to bring in advisors and net new assets.