Raymond James Lost A $1.3B Team, But The Bigger Story Is Recruiting Pressure

Wealth Management

Jul 3

Raymond James lost a $1.3 billion advisor team to Concurrent Investment Advisors, giving the hybrid RIA platform one of the week’s biggest recruiting wins and showing how aggressively independent and RIA-style platforms are competing for large advisory practices.

Keaton & Sams Wealth Management, a Georgia-based team led by Bill Keaton and Alfred Sams, left Raymond James & Associates to affiliate with Concurrent. The team oversees more than $1.3 billion in client assets, works from offices in Savannah and Sea Island and selected Goldman Sachs Custody Solutions as part of its move to independence.

But the story was not one-sided.

In the same recruiting roundup, Raymond James added several advisors from Wells Fargo Financial Network, UBS and Northwestern Mutual. Osaic also added REVUP Private Wealth through New York Financial Partners after founder Michael Grand left Fidelity and completed a two-year due diligence process.

That makes this roundup a useful snapshot of the current advisor recruiting market. Firms are losing large teams in one channel while gaining advisors in another. RIA platforms are using ownership, capital and custodian choice to win breakaways. Independent broker-dealers are using open architecture and OSJ support to attract growth-minded advisors. Raymond James is defending its advisor base while still using its independent channel to recruit from major competitors.

The headline is Raymond James losing a $1.3 billion team. The deeper story is a market where no firm can afford to stop recruiting, even when it is already growing.

TL;DR

Concurrent Investment Advisors added Keaton & Sams Wealth Management, a Georgia-based team overseeing more than $1.3 billion in client assets.
Keaton & Sams left Raymond James & Associates and moved to independence through Concurrent.
The team is led by Bill Keaton and Alfred Sams and works from offices in Savannah and Sea Island, Georgia.
Keaton & Sams selected Goldman Sachs Custody Solutions, using the move to broaden investment access and technology support.
Concurrent’s total assets under management rose above $15 billion after the partnership.
Osaic added REVUP Private Wealth through New York Financial Partners after founder Michael Grand left Fidelity.
Raymond James also recruited advisors, including Randolph Huiting from Wells Fargo Financial Network, Bryan White from UBS and Jason Bell from Northwestern Mutual.
Raymond James’ CEO had recently highlighted record advisor headcount and strong recruiting, even as the firm faced competitive attrition.
The key industry theme: recruiting is no longer a simple win-loss scoreboard. Large platforms can lose major teams while still adding others.
Main takeaway: Concurrent’s $1.3 billion win shows the appeal of independence, while Raymond James’ counter-recruiting shows why advisor movement remains a two-way fight.

The Recruiting Balance Sheet: One Major Loss, Several Offset Wins

Raymond James lost a $1.3 billion advisor team to Concurrent, but the same week also showed why advisor recruiting is rarely a clean victory or defeat for any single platform.

Concurrent won the biggest headline by pulling Keaton & Sams from Raymond James’ employee channel. Osaic added a former Fidelity advisor through New York Financial Partners. Raymond James recruited advisors from Wells Fargo, UBS and Northwestern Mutual into its independent channel.

That is the current recruiting market in miniature.

A firm can be the source of one major breakaway and the destination for several other advisors during the same week. That makes the competitive picture more complicated than the headline suggests.

Why The $1.3B Loss Still Matters

The Keaton & Sams departure matters because it was large, visible and strategic.

A $1.3 billion team does not leave an employee-channel platform casually. Large practices have clients, staff, account structures, operational habits and established service rhythms. Moving requires planning, client communication, technology decisions, custody choices and confidence that the destination platform can handle complexity.

That is why Concurrent’s win carries weight.

It shows that hybrid RIA platforms can compete for substantial advisor teams, not only smaller breakaways looking for a lighter affiliation model.

Why Raymond James’ Additions Also Matter

Raymond James’ additions matter because they show the firm was still recruiting through the same market pressure.

The company added Randolph Huiting from Wells Fargo Financial Network, Bryan White from UBS and Jason Bell from Northwestern Mutual Wealth Management Company. Those advisors did not offset the $1.3 billion Keaton & Sams loss dollar for dollar, but they show Raymond James remained active and competitive.

The takeaway is not that Raymond James suddenly became weak. It is that advisor movement is now constant, multi-directional and deeply tied to platform fit.

Keaton & Sams: The Breakaway Was About Control And Complexity

Keaton & Sams Wealth Management partnered with Concurrent as it moved to independence.

The official announcement framed the move around expanded investment solutions, technology, entrepreneurship and client-first advice. That language is common in advisor recruiting, but the client profile makes it more meaningful here.

Bill Keaton said the partnership would help the team deliver more solutions and opportunities, especially for families whose financial lives have become more complex. Alfred Sams added that the partnership gives the team expanded resources while preserving autonomy.

That is the center of the move.

Keaton & Sams did not leave Raymond James simply to change logos. It moved to control more of the client experience while gaining broader platform and custody resources.

The Custody Decision Was A Strategic Signal

Keaton & Sams selected Goldman Sachs Custody Solutions as part of the move.

That detail matters because custody is not just a back-office decision. For independent advisory teams, the custodian helps shape investment access, account experience, technology, reporting, service and client confidence.

Why Custody Matters To Breakaway Advisors

When a team leaves an employee channel, custody becomes one of the most important transition decisions.

The advisor has to consider:

where client assets will be held,
how accounts will be opened,
what technology clients and staff will use,
how reporting will work,
what investment options are available,
how service issues will be handled,
whether the custodian fits the client base.

For a $1.3 billion practice, those decisions are magnified.

If the transition is confusing, clients may hesitate. If the custodian lacks the right tools, the advisor may struggle. If the platform feels less capable than the old firm, the move can backfire.

Choosing Goldman Sachs Custody Solutions gives Keaton & Sams an institutional name to support the independence message.

The Client Message Is Clear

The client-facing message is likely this: the team is becoming independent, but not unsupported.

That distinction matters.

Some clients may hear “independent” and worry that the advisor is leaving a large firm for a smaller, less resourced environment. Keaton & Sams can counter that by pointing to Concurrent’s platform, Goldman Sachs custody, technology access and expanded investment flexibility.

Independence becomes easier to accept when the client sees structure behind it.

Concurrent’s Model Is Built For This Kind Of Move

Concurrent is a multi-custodial hybrid RIA platform founded in 2017 by former advisors, business owners and industry leaders.

Its model is designed for advisors who want independence but still need operational support, capital, technology, investment resources and a community of other independent firms.

That is exactly the type of platform large breakaway teams are evaluating.

The Entrepreneurial Pitch

Concurrent’s pitch is not only, “Join our platform.”

It is closer to: “Build your business on your own terms, but do not build alone.”

That matters because breakaway advisors face a trade-off. They want more control, but they do not always want to create every operating function from scratch.

Concurrent tries to solve that trade-off with:

operational support,
technology resources,
growth capital,
shared best practices,
multi-custodial flexibility,
investment resources,
equity alignment,
a network of independent advisory businesses.

For Keaton & Sams, that structure likely reduced the risk of leaving Raymond James’ employee channel.

The Merchant Capital Layer

Concurrent is backed by Merchant Investment Management, and the platform has used capital as part of its advisor-growth strategy.

That capital component matters because many breakaway teams need transition support, business investment, acquisition funding, hiring support or help building infrastructure.

Capital can turn independence from an idea into a practical business plan.

The risk is that outside capital also creates expectations. Advisors should understand how platform economics, minority investments and ownership terms work before joining. But for teams that want to scale, capital can be a serious advantage.

Why This Was A Loss For Raymond James’ Employee Channel

Keaton & Sams previously operated under Raymond James & Associates, the firm’s employee channel.

That is important because Raymond James is often viewed as one of the more advisor-friendly large firms. Losing a large employee-channel team to an independent RIA platform shows that even respected cultures are not immune to the breakaway trend.

The Employee Channel Still Has Strength

Raymond James’ employee channel offers brand strength, research, banking access, capital markets resources, compliance support, technology and a large institutional platform.

For many advisors, that is exactly what they want.

An employee-channel advisor can focus on clients without owning every operational problem.

Why Some Teams Still Leave

But a large team may eventually want more control over:

branding,
client experience,
investment platform,
technology stack,
staffing,
economics,
succession,
acquisitions,
growth strategy,
custodian choice.

If the team believes it has enough scale to operate independently, the employee channel can start to feel limiting.

That appears to be the broader industry force behind Keaton & Sams’ move.

Osaic’s REVUP Win Was A Different Kind Of Independence Story

Osaic’s addition of REVUP Private Wealth was smaller than Concurrent’s $1.3 billion headline, but it shows another version of the same industry theme.

REVUP Private Wealth chose New York Financial Partners and Osaic after founder Michael Grand completed a two-year due diligence process.

Grand previously spent five years with Fidelity. He cited NYFP’s collaborative culture, Osaic’s platform, direct access to leadership and open architecture as reasons for the move.

This is not the same as Keaton & Sams moving to Concurrent.

Keaton & Sams is a $1.3 billion team using Concurrent and Goldman Sachs custody to move to independence. REVUP is a growth-minded advisory firm choosing Osaic through an OSJ community.

Why The Two-Year Due Diligence Detail Matters

Two years of due diligence shows that advisor moves are not always quick recruiting wins.

Experienced advisors often spend months or years comparing platforms. They evaluate:

technology,
investment access,
payout,
compliance culture,
succession planning,
leadership access,
advisor community,
client service,
independence,
growth support,
transition risk.

Grand’s process suggests he was looking for a long-term home, not just a short-term recruiting package.

Osaic’s OSJ Advantage

New York Financial Partners gives Osaic a local or community layer inside a large platform.

That can be attractive for advisors who want independence but still want people around them: leadership, peers, staff support and shared infrastructure.

Grand’s quote about not being “on an island” captures the appeal.

Independence does not always mean isolation. For many advisors, the best model is independence with a support community.

Raymond James’ Counter-Recruiting: Colorado And Maryland

Raymond James also had its own wins.

Raymond James welcomed Randolph Huiting from Wells Fargo Financial Network. Huiting managed $227 million in client assets and now operates Huiting Wealth Management in Evergreen, Colorado.

The firm also added Bryan White from UBS in Colorado and Jason Bell from Northwestern Mutual in Maryland, according to the InvestmentNews roundup.

These moves show Raymond James continuing to recruit advisors who want independent-channel support rather than an employee-firm structure.

Huiting Shows The Wells Fargo FiNet Pressure Point

Huiting came from Wells Fargo Financial Network, a competitor in the independent advisor market.

That makes the move especially relevant. This was not an advisor leaving a traditional employee platform for Raymond James independence. It was an advisor leaving another independent-style channel for Raymond James Financial Services.

Huiting cited Raymond James’ client-first culture, home-office support and technology.

That is exactly the type of message Raymond James wants to send to independent advisors: you can have independence and still feel supported by a responsive home office.

Bryan White Shows Raymond James Can Still Recruit From UBS

Bryan White joined Raymond James from UBS, where he managed about $180 million in client assets. He joined Centennial State Wealth Advisors in Colorado.

This move fits the familiar Raymond James recruiting pitch: stability, culture, resources and advisor-centered support.

For advisors leaving UBS, the question is often not whether UBS has resources. It does. The question is whether another firm offers a better mix of culture, independence and local practice fit.

Jason Bell Shows The High-Net-Worth Planning Angle

Jason Bell joined Raymond James from Northwestern Mutual, where he managed about $150 million in client assets.

Bell leads Terrapin Ridge Partners in Maryland and focuses on business owners, corporate executives and retirees. That client profile can involve concentrated stock, exit planning, retirement income, insurance coordination, tax-sensitive decisions and estate planning.

For Raymond James, Bell’s move supports the idea that the independent channel can serve planning-heavy practices that need more than investment products.

The Scoreboard Is Not The Strategy

It would be easy to count assets and declare winners and losers.

Concurrent gained $1.3 billion. Raymond James lost $1.3 billion. Raymond James added smaller teams. Osaic added a Fidelity advisor.

But recruiting strategy is more complicated than the scoreboard.

One Large Team Can Shift Perception

Concurrent’s win changes perception because it shows the platform can attract a large practice from a respected firm.

That can help in future conversations with other large teams.

Recruiters can point to Keaton & Sams and say: teams at this level are choosing our model.

Several Smaller Wins Can Build Pipeline Strength

Raymond James’ additions may be smaller individually, but several moves can strengthen the platform over time.

An advisor with $150 million or $227 million today may grow significantly if the platform helps the practice expand. Smaller practices may also be easier to integrate and retain.

The quality of the advisor, client fit and growth runway matter as much as the initial asset number.

Osaic’s Win Builds OSJ Momentum

REVUP’s move supports Osaic’s OSJ strategy.

If New York Financial Partners has nearly doubled in size over the past year, as Osaic said, then REVUP becomes part of a larger community-growth story.

That is how platform momentum builds: one advisor at a time, inside a structure that other advisors can understand.

The Client-Complexity Theme Runs Through Every Move

The strongest common thread in the roundup is client complexity.

Keaton & Sams talked about families whose financial lives have grown more complex. REVUP emphasized customized planning, tax-sensitive strategy, estate planning and generational wealth transfer. Bell serves business owners, executives and retirees. Huiting serves families, individuals, business owners and retirees. White serves charitable organizations, corporations and high-net-worth families and individuals.

That is not accidental.

Advisor platforms are competing for practices whose clients need more than basic portfolio allocation.

What Complexity Means In Practice

Client complexity can include:

business ownership,
concentrated stock,
retirement income,
estate planning,
tax coordination,
charitable giving,
liquidity events,
family wealth transfer,
private investments,
lending needs,
executive compensation,
multigenerational planning,
insurance coordination.

The more complex the client base, the more the advisor cares about platform depth.

Why Complexity Pushes Advisors To Move

Advisors may start asking whether their current platform can support the next stage of their clients’ financial lives.

If clients are selling businesses, inheriting wealth, building family offices, funding charities or managing large concentrated positions, the advisor may need more flexible tools, broader investment access, stronger planning support or a different custodial setup.

That is where recruiting pressure begins.

A platform does not usually lose an advisor only because another firm has a better brochure. It loses the advisor when the advisor believes the current platform no longer fits the client base.

Independence Is Being Rewritten Into Several Versions

This roundup shows that independence is no longer one model.

Keaton & Sams moved to independence with Concurrent and Goldman Sachs custody. REVUP chose Osaic through an OSJ community. Huiting, White and Bell joined Raymond James’ independent advisor channel.

All of those moves involve some version of independence, but they are not identical.

Version One: RIA Platform Independence

This is the Keaton & Sams path.

The team gains more control, chooses a custodian and uses a hybrid RIA platform for support, capital and resources.

Version Two: OSJ-Supported Independence

This is the REVUP path.

The advisor joins a larger broker-dealer platform through a strong supervisory and support community, gaining open architecture and collaboration without feeling isolated.

Version Three: Independent Broker-Dealer Channel

This is the Raymond James Financial Services path.

Advisors operate independently but affiliate with Raymond James for broker-dealer, advisory, technology, compliance and platform support.

The Real Question

The real question is not whether advisors want independence.

The real question is how much independence they want, and how much support they still need.

Why Raymond James Can Be Both Vulnerable And Strong

Raymond James is in an unusual position in this roundup.

It lost the biggest team in the story, but it also recruited several advisors and recently reported record advisor headcount.

That combination may look contradictory, but it is normal for large platforms.

Why Raymond James Is Vulnerable

Raymond James is vulnerable because large, successful teams have options.

An advisor team with $1.3 billion in client assets can get serious attention from RIA platforms, aggregators, custodians and independent broker-dealers. The team may receive capital, transition support, technology promises and a chance to build enterprise value.

No large firm can fully prevent that conversation.

Why Raymond James Is Still Strong

Raymond James remains strong because it continues recruiting from competitors and has a well-known advisor-support culture.

Its independent channel can attract advisors who want autonomy but still value a large platform. Its brand can reassure clients. Its technology, planning tools, banking resources and home-office support can help advisors make the move.

That is why the Keaton & Sams loss should not be read as a collapse. It should be read as evidence of an extremely competitive market.

Where This Fits In The Wider Advisor Recruiting Market

This story fits the broader advisor recruiting market movement across wealth management.

Advisor movement is no longer mostly about one wirehouse taking teams from another wirehouse. The field now includes hybrid RIAs, RIA aggregators, independent broker-dealers, OSJs, supported independence platforms, custodians, private-equity-backed firms and employee-channel platforms.

That gives advisors more choices.

It also forces every platform to defend its model more clearly.

What Advisors Are Comparing Now

Advisors are comparing:

ownership,
equity value,
client service,
custodian choice,
technology,
transition support,
investment access,
lending capabilities,
tax and estate planning support,
compliance culture,
staffing flexibility,
succession options,
capital for growth,
brand recognition,
peer community.

That is a long list.

It explains why recruiting decisions take time and why advisor moves can surprise the market.

What This Means For Concurrent

Concurrent’s Keaton & Sams win is a major credibility boost.

The platform can now point to a billion-dollar-plus former Raymond James team that chose its model. That helps Concurrent compete for other large teams considering independence.

The Upside

Concurrent can use the move to show that it can support sophisticated advisors, large client books and complex planning needs.

The Goldman Sachs custody choice also helps the platform appeal to advisors who want institutional-quality resources.

The Challenge

The challenge is scale.

A platform that keeps adding large teams must prove it can deliver service, technology, compliance support and capital without becoming bureaucratic.

Concurrent’s promise is independence with support. If support becomes slow or inconsistent, the independence pitch weakens.

What This Means For Raymond James

Raymond James faces a different lesson.

The firm can keep recruiting and still lose high-quality teams. That means retention is as important as recruitment.

The Retention Question

Raymond James should ask what large teams want that the employee channel does not provide.

Is it ownership? Custodian choice? Equity? Economics? Branding? Investment flexibility? Technology? Succession? Acquisition capital?

The answer may differ by team.

But a $1.3 billion departure should always trigger a retention review.

The Recruiting Strength

At the same time, Raymond James’ additions show that its independent channel remains attractive.

The firm can use Huiting, White and Bell as examples of advisors choosing Raymond James for culture, technology, home-office support and independence.

That balance matters.

Raymond James needs to defend top teams while continuing to attract advisors from competing platforms.

What This Means For Osaic

Osaic’s REVUP win is smaller than Concurrent’s, but strategically useful.

It shows Osaic can attract advisors who want open architecture, succession support, leadership access and an OSJ community.

NYFP As The Local Growth Engine

New York Financial Partners appears to be central to the REVUP move.

A strong OSJ can give advisors the local leadership and community that a huge national platform may not provide directly.

That is important for Osaic because scale can feel impersonal if the advisor does not have a closer support layer.

The Gen X Advisor Angle

Grand’s focus on growth and succession is also worth noting.

A Gen X advisor may be looking for a long runway, not an exit tomorrow. That type of advisor wants a platform that can support business building, client acquisition, planning depth and future transition options.

Osaic’s ability to attract that profile matters for its long-term growth.

What Clients Should Ask When Their Advisor Moves

Clients do not need to understand every recruiting channel, but they should ask clear questions when their advisor changes firms.

Will My Advisor And Team Stay The Same?

Clients should confirm whether the same advisor, support staff and service contacts will continue working with them.

Where Will My Assets Be Held?

Custody matters. Clients should know whether assets will be held at Goldman Sachs Custody Solutions, Raymond James, another custodian or another broker-dealer platform.

Will My Fees Or Account Types Change?

A move from an employee broker-dealer channel to an independent RIA-style platform can involve new advisory agreements, fee schedules, account paperwork or disclosures.

What New Resources Are Available?

The advisor should explain what the new platform adds, such as technology, investment solutions, planning tools, lending access, service support or broader custody options.

Why Is This Better For Me?

This is the most important question.

The answer should be client-centered. It should not sound like the move is mainly about advisor economics.

The Risk File: What Can Go Wrong After A Recruiting Win

Recruiting announcements usually highlight assets and platform benefits. The difficult work comes after the announcement.

Clients May Not Follow

Reported assets are not the same as transferred assets.

Some clients may stay with the old firm. Others may wait. Some may split relationships.

Technology May Create Friction

New systems can improve service, but only after the transition works. Login issues, paperwork delays and reporting confusion can frustrate clients.

Investment Changes Need Care

A broader investment platform is useful only if changes are appropriate for the client.

Advisors must avoid making unnecessary changes just to prove the move added value.

Compliance Expectations Can Change

Moving from one platform model to another can change supervision, disclosures, documentation and workflow.

Advisors need to adapt quickly.

Staff Pressure Can Rise

Support staff often carry the transition workload. If the team is not supported, the client experience can suffer.

Reader Guide: Concurrent, Raymond James And Osaic Advisor Moves

What was the biggest move in the roundup?Keaton & Sams Wealth Management left Raymond James & Associates and joined Concurrent Investment Advisors.

How large is Keaton & Sams?The Georgia-based team oversees more than $1.3 billion in client assets.

Who leads Keaton & Sams?The team is led by founding managing partners Bill Keaton and Alfred Sams.

What custodian did Keaton & Sams select?The team selected Goldman Sachs Custody Solutions.

What did the move do for Concurrent?It pushed Concurrent’s total assets under management above $15 billion.

What did Osaic add?Osaic added REVUP Private Wealth through New York Financial Partners. Founder Michael Grand previously spent five years with Fidelity.

What did Raymond James add?Raymond James added advisors from Wells Fargo Financial Network, UBS and Northwestern Mutual, including Randolph Huiting, Bryan White and Jason Bell.

What is the main lesson?The main lesson is that advisor recruiting is now a two-way pressure system. Firms can lose major teams while still recruiting others, and advisors are choosing platforms based on independence, support, ownership, technology and client complexity.

What To Watch Next

Concurrent’s Next Large Breakaway

Keaton & Sams gives Concurrent a strong proof point. Watch whether more billion-dollar teams evaluate the platform.

Raymond James’ Retention Strategy

Raymond James can keep recruiting, but it must also defend large employee-channel teams from RIA platforms and aggregators.

Goldman Sachs Custody Momentum

Goldman Sachs Custody Solutions was part of the Keaton & Sams move. More breakaways choosing Goldman custody would show rising custodian competition.

Osaic’s OSJ Growth

REVUP’s move through New York Financial Partners shows the importance of local OSJ communities inside national platforms. Watch whether NYFP keeps adding advisors.

Client Retention After The Keaton & Sams Transition

The most important number will not be the announced $1.3 billion. It will be how much client asset value successfully transitions and stays.

The Bigger Takeaway: Recruiting Is Now A Constant Defense Game

Concurrent’s $1.3 billion win over Raymond James is a major recruiting headline, but it should not be read as a simple one-firm victory.

It shows how advisor recruiting now works.

Large platforms are always defending. RIA platforms are always hunting. OSJs are building communities. Custodians are becoming part of the recruiting pitch. Advisors are comparing ownership, autonomy, technology, investment access, service culture and client complexity support.

Raymond James lost a major Georgia team to Concurrent, but it also added advisors from Wells Fargo, UBS and Northwestern Mutual. Osaic added a former Fidelity advisor through a fast-growing OSJ. Concurrent used the Keaton & Sams move to strengthen its case that large teams can move to independence without losing platform depth.

That is the new recruiting market.

It is not static. It is not one-directional. It is not only about asset size.

It is a constant defense game, where every platform has to prove why an advisor should stay, why another advisor should join and why clients should trust the move.

For Concurrent, Keaton & Sams is a credibility win.

For Raymond James, the loss is a reminder that record recruiting does not eliminate retention risk.

For advisors, the story is a sign that platform choice has never been more flexible.

For clients, the practical question remains simple: will the move make my advisory relationship better?