Raymond James has continued its aggressive recruiting push, adding a four-advisor team from Baird that managed approximately $1.1 billion in client assets. The group, which includes a father-daughter duo, will operate as The Carlson Group of Raymond James in Cranberry Township, Pennsylvania, and will be part of Raymond James & Associates (RJA), the firm's employee advisor channel.
The team consists of Kurt Carlson, Kenneth Breaden, Cassidy Carlson, and Brian Koble, along with client service associates Teresa Davis and Jacquelin Croissant. Amy Smart, Mid-American regional director for RJA, confirmed the move. The practice serves a diverse clientele, including business owners, endowments, foundations, families, retirees, and pre-retirees.
Kurt Carlson, who has over 35 years of experience in financial services and serves as the team's managing director, said the decision to move to Raymond James was deliberate, citing the firm's commitment to client success and its willingness to invest in technology and innovation. He specifically noted Raymond James' focus on enhancing the client experience and supporting long-term growth as the industry enters a transformative era of artificial intelligence.
Raymond James has been vocal about its AI strategy. During the firm's annual institutional investor conference in March, CEO Paul Shoukry emphasized the potential of AI to address the industry's looming talent shortage. “I would tell you that the wealth management industry needs these AI-driven solutions to help advisors better serve their clients, to help advisors get both more scale in their business, to serve more clients and more assets,” Shoukry said. He added that AI solutions help the wealth management business evolve, providing more sophisticated holistic advice while serving a larger number of clients.
More recently, Raymond James reaffirmed its commitment to AI with a rundown of initiatives, including its proprietary AI assistant Raimond, an AI-powered meeting manager integrated with its CRM, an AI academy for advisor training, and AI-supported cybersecurity enhancements. The firm has allocated $1.1 billion to AI spending this year.
This hire is part of a broader trend of advisor movement between major firms. Recent platform shifts have seen significant asset transfers, and Raymond James has been particularly active. Earlier this year, the firm recruited a $5.4 billion team from Comerica in California, and it has also added teams from UBS and other firms. The Carlson Group's move underscores Raymond James' strategy of attracting experienced advisors with substantial books of business.
The addition of the Carlson Group bolsters Raymond James' presence in the Pittsburgh area, a region with a competitive wealth management landscape. The firm's employee channel, RJA, has been a key growth driver, and this move aligns with its focus on expanding in high-net-worth markets.
For Baird, the departure represents a notable loss, as the team managed a significant asset base. However, such moves are common in the industry, as advisors seek platforms that offer better technology, support, and growth opportunities. Raymond James' investment in AI and its advisor-friendly culture appear to be key differentiators in attracting top talent.
