Wealth management firms continue to compete aggressively for top advisor talent, with recent moves involving LPL Financial, Raymond James, and Brighton Jones collectively shifting over $785 million in client assets. The hires and expansions underscore the industry's focus on attracting teams that serve high-net-worth clients and complex planning needs.
Davis Executive Wealth, a Norwell, Massachusetts-based practice led by Timothy Davis, CFP, has left Steward Partners to join LPL Financial's supported independence model, LPL Strategic Wealth. The team oversees $635 million in advisory assets and includes managing partners Michaelyn Bortolotti and Michael Carilli, along with client service professionals Edward Neibert and Henry Brown. Their clientele spans C-suite executives, entrepreneurs, and high-net-worth families across the East Coast, Houston, Denver, and Chicago, with a focus on tax, estate, liquidity, and generational planning.
Davis cited LPL Strategic Wealth's enhanced service infrastructure as a key factor in the decision. The model offers simplified pricing, technology, and a dedicated support team that includes a business strategist, marketing partner, CFO, and administrative assistant, all coordinated through a single point of contact. Marc Cohen, LPL's chief growth officer, said the team aligns well with the model's design for sophisticated practices.
In a separate move, Raymond James & Associates added Brent Tiemeyer to its employee advisor channel in St. Louis. Tiemeyer, who joins the Olive Tree Private Wealth team, previously managed approximately $150 million in client assets during his nine-year tenure at Edward Jones. He emphasized Raymond James's private-wealth capabilities and research platform as draws. This hire follows a pattern of Raymond James recruiting from Edward Jones, as seen in other recent additions.
Brighton Jones, a Seattle-based RIA with roughly $30 billion in assets under advisement, has opened its first Ohio office in Beachwood, near Cleveland. The firm hired Mitchell Kotheimer, formerly a senior financial planner at Independence Wealth Advisors, to lead the expansion. Kotheimer, who has worked with over 350 families, will serve as a personal CFO for clients, coordinating investments, tax and estate plans, and philanthropic strategies. Mark Jones, Brighton Jones's chief growth officer, cited local demand for comprehensive wealth planning as the driver.
The Cleveland office is Brighton Jones's sixth new location in two years, bringing its total to 24 cities. The firm is actively recruiting in Detroit, Fort Lauderdale, Raleigh-Durham, Salt Lake City, San Diego, St. Louis, and Stamford. This expansion mirrors broader industry trends, such as DayMark Wealth Partners adding an $820 million Morgan Stanley team and Prairie Wealth breaking $1 billion after absorbing an ex-RBC team.
These moves highlight the ongoing competition for advisor talent, with firms leveraging specialized models and geographic expansion to attract experienced teams. LPL's Strategic Wealth model, in particular, targets breakaway advisors seeking more support, while Raymond James continues to lure advisors from Edward Jones. Brighton Jones's push into the Midwest reflects a broader trend of RIAs expanding beyond their home markets.
