LPL Financial and Raymond James have each announced the addition of advisor teams managing a combined $1.14 billion in client assets, underscoring the ongoing battle for established practices across the independent broker-dealer channel. The moves come as firms vie for experienced advisors who can bring substantial books of business and long-term client relationships.
LPL Financial said that True Compass Advisors, a Connecticut-based team overseeing roughly $870 million in advisory, brokerage, and retirement plan assets, has joined its broker-dealer and RIA platform. The team departed Kestra Financial, where they had been affiliated, to return to LPL. This follows a series of recent LPL wins, including an $815 million Northwestern Mutual team, a $1 billion move from Ameriprise, and a Massachusetts-based team with $635 million in advisory assets.
True Compass Advisors is led by Jared White, a 20-year industry veteran who operates out of Southbury, Connecticut, near New Haven. The team includes chief operating officer Karin Hubbard, advisors Harrison Graham and Laura Maguire, and support staff Gianna DeAngelis, Lori Maxey, Leigh Waters, and Debora Eschmann. White previously worked at LPL earlier in his career before moving to Kestra, making this a return to the firm.
“LPL offers the technology, flexibility and scale to help us deliver on our long-term vision,” White said in a statement. “The firm’s platform allows us to integrate advanced planning capabilities and collaborate with a broader network of professionals, while maintaining the independence to grow our practice in a way that best serves our clients, our team and our community.”
On the Raymond James side, the firm announced that Reece Nichols has joined Raymond James Financial Services, its independent advisor channel, bringing $268 million in client assets from Edward Jones. This recruitment follows the firm’s addition of a $480 million UBS veteran in St. Louis earlier this week.
Nichols, a 25-year industry veteran, now operates as Element Financial Services in Kilgore, Texas. He serves families, individuals, family offices, business owners, and clients approaching retirement. A Texas A&M graduate in agricultural economics, Nichols holds both the Accredited Asset Management Specialist and Certified Exit Planning Advisor designations. He cited Raymond James’ private wealth capabilities and succession planning infrastructure as key factors in his decision.
“Joining Raymond James was a clear choice for our team given the firm is a leader in offering technology that gives advisors the tools to serve clients seamlessly,” Nichols said. “The firm’s strong support for succession planning and true business ownership offers advisors the freedom to build something lasting while remaining fully independent.”
The recruiting environment remains highly competitive, with firms like LPL and Raymond James leveraging technology, independence, and succession planning to attract top talent. These moves highlight the ongoing shift of advisors from traditional wirehouses and regional firms to independent platforms that offer greater flexibility and ownership opportunities.
