Raymond James has recruited a three-advisor team from Stifel to its independent advisor channel, the firm announced Thursday. The group, which operates as ARC Wealth Management in Salt Lake City, Utah, includes Richard Romano Jr., Amanda Arcilesi Simmons and Brian Collard. The team managed approximately $620 million in client assets at their prior firm, according to the announcement.
Romano, Simmons, and Collard spent three years at Stifel before moving to Raymond James. Prior to Stifel, they worked together at Morgan Stanley and Wells Fargo, according to their FINRA BrokerCheck records. The team also includes director of Branch Operations Kelsey Haycock and director of Client Services Meredith Duncan.
ARC Wealth Management serves a diverse clientele that includes business owners, endowments, foundations, nonprofits, families and retirees. The team provides customized financial strategies and wealth management guidance. Romano, the team’s founder and managing partner, has more than 30 years of industry experience and focuses on legacy-oriented wealth planning. “Our goal is to deliver comprehensive, personalized guidance that merges white glove service with modern efficiency,” he said. Simmons, who began her career in 2008, builds holistic strategies and risk-appropriate investment plans, while Collard, in the industry since 2005, focuses on individuals, retirees and businesses.
In a separate move, Ameriprise Financial has added Russell Austin, a private wealth advisor formerly with Edward Jones in Spartanburg, S.C., to its independent channel. Austin’s practice, Freedom Ridge Private Wealth, brings more than $120 million in client assets, according to Ameriprise. The practice includes client relationship manager Pamela Jones and provides comprehensive financial planning to individuals and families. Austin said he evaluated multiple firms before choosing Ameriprise, citing advanced technology, artificial intelligence capabilities and the firm’s broader platform as differentiators. “The technology available to both our team and clients enhances how we deliver advice, creating a more seamless and engaging experience,” he said. The practice is supported locally by Ameriprise Franchise Field Vice President Kevin Sevlie and Regional Vice President Mike Barker.
Meanwhile, Les Smith, another Edward Jones defector, has launched his own firm through LPL Financial’s broker-dealer and RIA platform. Based in Spring Hill, Tennessee, Smith oversees roughly $185 million in advisory, brokerage and retirement plan assets. His practice centers on pre- and post-retirement clients, with a particular emphasis on blue-collar individuals and families who value hard work, integrity and having a trusted advocate. Smith built his client base organically through direct outreach rather than acquisitions, and his approach leans on regular communication and ongoing refinement of financial plans. In a statement, he highlighted how LPL’s “technology, autonomy and forward-thinking approach” allowed him to delve deeper into tax and estate planning “while maintaining the flexibility to make timely decisions on behalf of my clients.”
These moves reflect ongoing advisor mobility in the wealth management industry. For context, recent recruiting activity has seen firms like Wells Fargo FiNet, Janney, and Raymond James recruit advisors with $1.6B in combined assets, while LPL, Raymond James, and Cetera have added teams with $828M. The trend of advisors moving to independent channels continues to reshape the competitive landscape.
