Raymond James Financial

The UHNW unit signed advisors managing a combined $3.7 billion this year and committed to maintaining a physical presence in its New York headquarters.

LPL Financial and indie rivals like Raymond James, Wells Fargo FiNet and Kestra Financial completed at least 17 recruiting grabs of $800 million or more this year.

The OSJ scooped up teams from Edward Jones, Wells Fargo Advisors and Wedbush Securities.

The latest deal by a wealth manager for an employee services firm enables the Raymond James Private Client Group to expand its reach.

The firm also added a new unit to accommodate its dramatic advisor growth — from one to 140 in seven years.

In a bid to attract clients left out by AUM fees, IBDs are enabling advisors to take approaches first made popular in the full RIA channel.

The firm is consolidating its broker-dealer and standalone RIA custody units into one division.

The independent firm has been an aggressive recruiter since its founding in 2013.

Ameriprise, for example, has hosted more six times as many advisors virtually than it did in person last year.

The majority of job cuts are in corporate departments, with little impact to advisors or client service roles, the firm says.

It’s the latest team to exit the wirehouse as profit suffers.

Some of the recently acquired advisors will open branch offices for the growing BD.

The advisor sold securities out of one account to buy a Camaro ZL1 — then resold the car to the same victim, the regulator alleges.

The latest roundup of news in the IBD and RIA channels comes in a time of economic turmoil and big transactions.

“We basically had clients demanding that we find a new home,” after Wells Fargo failed to secure PPP loans for them, an advisor says.

The new recruits cited their new employer’s technology platform as motivation for making the career change.

The new additions help offset some recent departures at the wirehouse.

An all-woman team joined the firm in Miami while a branch manager is installed in a new Northern California office.

The latest roundup of 32 IBD affiliation moves, M&A deals and expert studies reveals the mixed impact of the coronavirus.

The advisors are based in Florida, while the new executive will oversee the New York tri-state area.