Independent brokerage channels continued their aggressive recruiting pace this week as two advisory teams representing roughly $940 million in client assets changed firms. Raymond James Financial Services added a North Carolina duo from LPL Financial, while LPL Strategic Wealth welcomed a California breakaway team from Morgan Stanley.
The moves underscore the intensifying competition for experienced advisors, particularly those with sizable books of business. According to industry data, recruiting activity among independent broker-dealers has remained robust, with firms leveraging technology, payout structures, and support services to attract talent.
Raymond James Gains $540M Team from LPL
Raymond James Financial Services announced that advisors John Chaulklin and Brian Clayton have joined its independent channel in Burlington, North Carolina. The pair previously operated at LPL Financial, where they managed more than $540 million in client assets. They are joined by office manager Faith Rodriguez and registered client service associate Johnny Campbell.
Chaulklin brings over 33 years of industry experience, including 14 years at LPL. He holds a business administration degree from the University of North Carolina at Charlotte. Clayton, with 27 years in the business, earned a degree in industrial technology from East Carolina University. Their practice focuses on personalized financial planning, retirement planning, portfolio management, and longevity planning, serving families, individuals, pre-retirees, and retirees.
In a statement, Chaulklin cited Raymond James's advisor-focused culture, technology, and planning resources as key factors in the move. Todd Gartrell, Southeast division director for RJFS, announced the hire.
LPL Adds $400M Morgan Stanley Breakaway
Separately, LPL Financial confirmed that Don A. Harrell, CFP, founder and CEO of WestKai Private Wealth in San Clemente, California, has joined its supported independence model, LPL Strategic Wealth. Harrell's team reported approximately $400 million in advisory, brokerage, and retirement plan assets, and joins from Morgan Stanley.
The WestKai team includes private wealth advisor Blake Davidson and client services manager Cate Harrell. The firm serves individuals and families, pre-retirees and retirees, corporate executives, entrepreneurs, business owners, and professional athletes, offering retirement planning, comprehensive financial services, estate and legacy planning, alternative investment access, and lending solutions.
Harrell said the decision to launch WestKai and align with LPL Strategic Wealth was driven by a desire for greater independence and a more personalized client experience. The firm's name reflects its Pacific Coast roots and the Hawaiian word for sea, symbolizing depth and stewardship.
LPL chief growth officer Marc Cohen welcomed the team, noting that WestKai's philosophy aligns with the platform's support for entrepreneurial independence. Through LPL Strategic Wealth, advisors gain access to integrated services including simplified pricing, dedicated technology, and an operations team comprising a business strategist, marketing partner, CFO, and administrative assistant.
These moves are part of a broader trend of advisor movement between major independent platforms. Recent examples include LPL, Raymond James, and Merrill luring advisors from competitors, and two UBS teams managing $2B moving to RBC and Raymond James. The pace of recruiting shows no signs of slowing as firms compete for top talent.
