LPL Financial has expanded its West Coast footprint by recruiting a Seattle-based ensemble from Northwestern Mutual, while Raymond James and RBC Wealth Management have added practices from Commonwealth and UBS, respectively. The three moves bring roughly $1.6 billion in client assets to the recruiting firms.
LPL adds $1B Seattle practice
Prince Financial Services, led by partners Julie Prince and Dave Burnett, has moved its advisors to LPL's broker-dealer, RIA, and custodial platforms. The practice reported approximately $1 billion in advisory, brokerage, and retirement plan assets at Northwestern Mutual. The team also includes Cade Mossman, Conner Gehring, and David DeYoung, and serves retirees, business owners, high-net-worth families, and technology-sector workers, primarily in the Pacific Northwest.
Mossman said the team spent nearly a year evaluating potential partners. "LPL stood out because of its continued investment in technology and its commitment to helping advisors operate at their highest level," he said.
Raymond James recruits Georgia family team
Raymond James Financial Services (RJFS), the firm's independent channel, has added GFS Advisory, a family-owned practice that managed more than $350 million at Commonwealth Financial Network. The team, based in Braselton, Georgia, with an office in Alpharetta, provides financial planning and investment advice to families, individuals, and small business owners. Co-branch owners Nathaniel "Nate" Langley and Paige Rossi are siblings, and Stephen Groover, the third advisor, is their cousin. Rossi and Groover both came from public accounting.
Langley noted that access to Raymond James's banking and high-net-worth planning capabilities will enhance their tax-aware planning. Todd Gartrell, Southeast division director for RJFS, said the team's "family-oriented approach, planning experience and commitment to client service make an excellent addition to our presence in the Southeast."
This recruitment follows a pattern of Raymond James pulling advisors from Commonwealth since LPL acquired that firm. Last month, RJFS brought in a five-advisor Commonwealth team with approximately $500 million in client assets.
RBC lands UBS father-son team
RBC Wealth Management has added the Mork Wealth Management Group to its Lake Oswego, Oregon, branch. The team, which oversaw $250 million at UBS, is led by Bob Mork and his son Andrew Mork, with Ryan Wilkinson joining as an investment associate. Bob Mork's 43-year BrokerCheck record includes stints at Citi and Lehman Brothers; he focuses on investment management for individuals and multigenerational families. Andrew Mork assists clients with complex financial affairs, including retirement planning.
Kristen Kimmell, West divisional director at RBC, said the team was drawn to RBC's collaborative culture and local decision-making. Patrick Cummings, the Lake Oswego branch director, welcomed them to the "advisor-centric culture" in the Portland metro area.
RBC has been a frequent destination for UBS defectors over the past two years, and UBS has been working to retain talent. In July, a source familiar with the matter said UBS plans to pay its advisors "very handsomely" to support its U.S. banking push, which is expected to launch next year. The source told InvestmentNews that advisors will be central to the bank's strategy.
These moves highlight the ongoing competition for experienced advisors and the continued consolidation in the independent broker-dealer space. As firms like LPL and Raymond James expand, they are attracting teams seeking greater technology and support. For more on recent advisor moves, see Wells Fargo's latest recruiting win and other firms adding assets. The trend of large teams switching platforms is likely to persist as advisors weigh their options.
