LPL Bought Commonwealth. Raymond James Is Still Picking Off Advisors

Wealth Management

Jul 23

LPL Financial bought Commonwealth Financial Network, but Raymond James is still showing that advisor loyalty cannot be acquired in one transaction.

The latest recruiting roundup makes that clear. Raymond James Financial Services added Brett Flood and Tony Cox from LPL in Olathe, Kansas, where they had overseen more than $170 million in client assets. It also added Michael Salerno from Commonwealth in Flemington, New Jersey, where he managed about $125 million and leads Executive Wealth and Retirement Strategies, a practice focused on retirement planning for corporate executives and business owners.

Those are not billion-dollar teams. That is exactly why the story matters.

The post-Commonwealth recruiting battle is not only about giant practices. It is also about mid-sized, planning-heavy advisory teams deciding whether the acquiring platform fits the way they want to serve clients. For LPL, keeping large Commonwealth assets is the public scoreboard. For Raymond James, recruiting steady advisor teams from LPL and Commonwealth creates a different message: advisors still have choices, and not every team wants the same version of scale.

The same InvestmentNews roundup also showed LPL scoring a win of its own. Its Linsco employee channel added Paddock and Pine Wealth Partners from Janney, a Saratoga Springs, New York, team with about $330 million in advisory, brokerage and retirement plan assets. Ameriprise also added advisors from LPL and Wells Fargo, including JMOD Financial Services from LPL and Roy LeBlanc from Wells Fargo.

So this is not a one-way recruiting story.

It is a platform-fit story.

Raymond James, LPL and Ameriprise are all using different models to answer the same advisor question: where can I keep client relationships intact while building the next phase of my practice?

TL;DR

Raymond James added more LPL and Commonwealth advisors: Brett Flood and Tony Cox joined from LPL with more than $170 million in assets, while Michael Salerno joined from Commonwealth with about $125 million.
The Commonwealth context is the bigger story: LPL’s acquisition of Commonwealth created a rare recruiting opening for rivals that want to win advisors before full platform integration.
The New Jersey angle matters: Salerno’s Flemington, New Jersey-based practice focuses on retirement planning for corporate executives and business owners.
LPL also won a recruiting round: Paddock and Pine Wealth Partners joined LPL’s Linsco employee channel from Janney with about $330 million in assets.
Ameriprise kept recruiting too: JMOD Financial Services joined Ameriprise from LPL, while Roy LeBlanc joined an Ameriprise practice from Wells Fargo.
The advisor market is segmented: Some advisors want independent broker-dealer flexibility, some want employee-channel support and some want a planning-led platform with more brand depth.
LPL’s Commonwealth retention target remains the key pressure point: The firm wants to keep about 90% of Commonwealth assets and advisors, but every departure gives competitors another talking point.
The client test is practical: Moves only matter if clients understand the reason, experience continuity and see a better service model after the transition.

Raymond James Is Turning Uncertainty Into A Recruiting Window

Raymond James did not need to buy Commonwealth to benefit from the Commonwealth deal.

That is the strategic point.

LPL bought Commonwealth, giving it ownership of one of the industry’s most respected independent broker-dealer communities. But that same deal created uncertainty for advisors who chose Commonwealth because of its service culture, boutique identity, technology stack and advisor-support model.

Raymond James can use that uncertainty without carrying the integration burden.

For advisors unsure about LPL’s long-term fit, Raymond James offers a large independent broker-dealer alternative with national scale, research, technology, planning resources and a culture it consistently markets around advisor autonomy and client-first service. That makes it a logical destination for some teams leaving either LPL directly or Commonwealth after the acquisition.

Why The Timing Helps Raymond James

Advisor evaluation cycle: Commonwealth advisors had to reassess their long-term platform after LPL announced and closed the deal.
Integration anxiety: Advisors often worry less about the acquisition announcement and more about the eventual system conversion.
Client disruption concern: Some advisors may prefer one transition now rather than waiting for another platform change later.
Cultural comparison: Raymond James can position itself as a large firm with a more familiar independent-channel feel.
Recruiting urgency: The best time to approach advisors is before they become fully committed to the acquiring platform.

Raymond James is not only recruiting advisors.

It is recruiting doubt.

The Olathe Team Shows Why Smaller Asset Moves Still Matter

Brett Flood and Tony Cox joined Raymond James Financial Services from LPL in Olathe, Kansas, after overseeing more than $170 million in client assets.

That is a meaningful practice size, but it is not the kind of mega-team headline that usually dominates industry recruiting coverage. That makes the move more useful as a signal.

Most advisor recruiting does not happen through $1 billion teams. It happens through established local practices that serve families, individuals, retirees, business owners and local professionals. These practices may not reshape a firm’s national asset base overnight, but they can strengthen regional presence and reinforce a platform’s recruiting narrative.

For Raymond James, the Olathe move says: we can win practical, relationship-driven advisors from LPL, not only high-profile Commonwealth teams.

What The Olathe Move Signals

Local relationship value: Mid-sized practices can carry deep client loyalty in their communities.
Planning-first appeal: Advisors serving families and retirees often focus on service consistency more than headline platform size.
Technology expectations: Flood cited culture, technology and research as reasons the move could support client guidance.
Research depth: Cox highlighted Raymond James’ research and client-first approach, which suggests platform resources mattered.
Competitive credibility: Every LPL-to-Raymond James move gives Raymond James another proof point in recruiting conversations.

The asset total is not the only measurement.

The quality of the practice, client trust and regional fit also matter.

Michael Salerno Gives This Story A New Jersey Planning Angle

Michael Salerno’s move from Commonwealth to Raymond James adds a more specific client-profile angle.

Salerno leads Executive Wealth and Retirement Strategies in Flemington, New Jersey. His practice focuses on retirement planning for corporate executives and business owners, which makes the move more than a generic broker-dealer switch.

That client base can be complex.

Corporate executives may have equity compensation, concentrated stock, deferred compensation, retirement-plan decisions, tax-sensitive liquidity needs and estate planning coordination. Business owners may need exit planning, cash-flow management, retirement income design, insurance review and succession support.

For those clients, the advisor’s platform matters because the advice often extends beyond investment selection.

Why Executive And Business-Owner Planning Needs Platform Depth

Equity compensation: Executives may need help with stock options, restricted stock, concentration risk and tax timing.
Retirement transitions: Clients leaving corporate roles need income planning, rollover guidance and healthcare-cost awareness.
Business exit planning: Owners may need to coordinate liquidity events, succession plans and investment strategy.
Tax coordination: Advisors often need to work with CPAs and attorneys when wealth is concentrated or event-driven.
Family wealth decisions: Retirement and business-exit planning often connect to estate, charitable and multigenerational goals.

That is why Salerno’s move is not only a Commonwealth attrition statistic.

It is a question of whether Raymond James gives his New Jersey practice the tools and culture needed for a planning-heavy client base.

LPL’s Problem Is Not Losing Every Advisor. It Is Explaining Every Departure.

LPL does not need to retain 100% of Commonwealth advisors for the acquisition to work.

That was never the realistic target. The firm has repeatedly framed roughly 90% retention as the benchmark. With about 3,000 Commonwealth advisors and $305 billion in assets at closing, some departures were always expected.

The problem is narrative pressure.

Every Commonwealth advisor who joins Raymond James becomes a visible example rivals can use. Each announcement allows competitors to say, “Here is another advisor who chose something other than LPL.” LPL can respond that departures remain within expectations and that larger advisors are staying, but the public story still gets noisier with each move.

A related NJ Financial News article on LPL’s Commonwealth retention target facing its first real stress test explained why the 90% goal became the central scoreboard after the deal. The firm may still be on track, but Raymond James’ steady wins force LPL to keep defending the integration story.

The Retention Debate Has Two Scoreboards

Advisor headcount: How many individual advisors leave or stay after the acquisition
Asset retention: How much of the client asset base remains inside LPL’s Commonwealth ecosystem
Practice quality: Whether larger, faster-growing and higher-producing teams stay
Client transfer behavior: Whether clients follow departing advisors or remain at the acquired platform
Integration confidence: Whether advisors believe the eventual platform conversion will be worth staying for

LPL wants the market to focus on asset retention and larger advisor quality.

Raymond James benefits when the market counts each departure.

LPL’s Linsco Win Shows The Fight Cuts Both Ways

LPL was not only defending in this roundup.

It also added Paddock and Pine Wealth Partners to Linsco by LPL Financial, the firm’s employee advisor channel. The Saratoga Springs-based team, led by Stephen Carleton and Tom Niles, joined from Janney with about $330 million in advisory, brokerage and retirement plan assets.

That matters because it shows LPL is using multiple recruiting lanes.

The Commonwealth acquisition may create retention pressure, but LPL’s broader recruiting machine is still active. Linsco gives the firm a W-2 employee advisor channel for teams that want large-firm support without carrying the full operating responsibility of independence.

That is a different pitch from Raymond James Financial Services.

RJFS speaks to independent advisor identity. Linsco speaks to advisors who want platform depth, employee-channel support and less business-owner burden.

What Linsco Is Selling

Employee-channel structure: Advisors can focus more on client work and less on business administration.
LPL scale: The team gains access to LPL’s technology, platform resources and broad advisor infrastructure.
Practice branding: Paddock and Pine still operates with a named practice identity.
Planning orientation: The team serves high-net-worth individuals, families and pre-retirees.
Retirement-plan exposure: The asset base includes retirement plan assets, adding a specialized planning dimension.

The Linsco move complicates the story.

LPL may be losing some advisors to Raymond James, but it is also taking advisors from other firms by offering a different affiliation model.

Ameriprise Is Playing The Reputation-And-Continuity Card

Ameriprise also used the week to recruit from LPL and Wells Fargo.

JMOD Financial Services, led by Joe Kelly, joined Ameriprise’s independent channel from LPL with more than $110 million in assets. The practice has offices in Miami and Rochester, New York, and includes advisors Frank Del Busto and Dave Fedrizzi. Ameriprise also added Roy LeBlanc from Wells Fargo Clearing Services to Azalea Wealth Management in Mobile, Alabama, where he had managed more than $100 million.

These moves are smaller than some recent billion-dollar headlines, but they still matter.

Ameriprise has spent years selling a platform story around planning, technology, brand recognition, research and an advisor-support model that can work for independent practices. In this roundup, Ameriprise is not trying to look like LPL or Raymond James. It is presenting itself as a destination for advisors who want independence but also want a more defined brand and client-experience framework.

What Ameriprise Appears To Be Emphasizing

Recognizable brand: Kelly cited Ameriprise’s name recognition and reputation as important for clients.
Technology investment: The JMOD team pointed to a modernized client experience.
Research resources: Ameriprise can frame its platform as supporting evidence-based advice.
Continuity: LeBlanc emphasized long-term client care through Azalea Wealth Management.
Existing practice integration: Ameriprise can place advisors into established teams rather than requiring every recruit to build alone.

Ameriprise’s angle is not only asset capture.

It is practice placement.

One Roundup, Three Different Advisor Promises

The cleanest way to understand this InvestmentNews roundup is not by ranking who won the most assets.

It is by separating the advisor promises.

Raymond James promised independent-channel culture and resources. LPL promised employee-channel support through Linsco. Ameriprise promised a planning-led independent platform with reputation and continuity.

Those are different answers to different advisor problems.

The Recruiting Map

Raymond James: Advisors who want independence, client-first culture, research, technology and a credible alternative to LPL or Commonwealth integration
LPL Linsco: Advisors who want employee-channel support, platform scale and less operating burden while still using a named practice identity
Ameriprise: Advisors who want brand recognition, planning infrastructure, practice support and a client-experience narrative

That is why modern advisor recruiting feels fragmented.

Firms are not all pitching the same advisor. They are sorting advisors by business model, growth stage, service expectations and tolerance for operational complexity.

Commonwealth Advisors Are The Most Valuable “Undecided” Group

Commonwealth advisors became especially valuable because they did not originally choose LPL.

They chose Commonwealth.

That matters psychologically. An advisor who voluntarily joins LPL has already bought into the platform. A Commonwealth advisor acquired by LPL may still be deciding whether the new ownership fits. Even if LPL keeps the Commonwealth brand and tries to preserve the experience, the advisor still has to believe the promise.

Raymond James understands that opening.

So do Cetera, Kestra, Ameriprise, Cambridge and other competitors.

Commonwealth advisors are attractive because they are independent-minded, often service-focused and accustomed to a respected platform. They may have strong practices and clients who trust them personally. If they are unhappy or uncertain, they become high-value recruiting targets.

Why Commonwealth Advisors Are Different From Ordinary Recruits

They were moved by transaction, not choice: The acquisition changed the platform around them.
They have cultural expectations: Commonwealth’s advisor-service reputation shaped what they value.
They face future conversion risk: System and custodian changes may create client paperwork and operational friction.
They know competitors are calling: Rival firms have a strong reason to make aggressive offers.
They must explain the path to clients: Staying or leaving both require a client-facing story.

This is why LPL’s retention challenge is not only financial.

It is emotional and operational.

Client Paperwork Is The Hidden Recruiting Weapon

Advisor recruiting stories usually talk about payouts, culture, technology and resources. But paperwork can be just as important.

A Commonwealth advisor deciding whether to stay with LPL has to think about the eventual platform conversion. If the advisor stays now but later dislikes the integration, clients may face another transition. If the advisor leaves before conversion, the client may face one move now but avoid another later.

That is where Raymond James can make a practical argument.

The pitch is not only “our culture is better.” It can be “make the platform decision before clients go through another round of paperwork.” Whether that argument wins depends on the advisor’s view of LPL, Raymond James and client disruption.

Why Paperwork Changes Advisor Decisions

Client fatigue: Clients do not like repeated forms, disclosures, account transfers and portal changes.
Operational risk: More paperwork creates more room for delays or mistakes.
Trust pressure: Advisors must explain why the disruption is worth it.
Timing decisions: Advisors may prefer to move before a scheduled conversion rather than after it.
Staff capacity: Support teams can become overwhelmed during large transitions.

This is the practical side of the Commonwealth recruiting battle.

The best platform may be the one that reduces future disruption while improving current support.

Why The New Jersey Move Deserves Extra Attention

Salerno’s Flemington-based Executive Wealth and Retirement Strategies gives the roundup a more localized angle for New Jersey readers.

New Jersey has many corporate executives, small-business owners, commuters tied to New York and Philadelphia markets and families managing retirement transitions across high-cost, tax-sensitive households. A retirement-focused advisory practice in Flemington is not serving a generic investor base.

Clients may be thinking about when to retire, how to draw income, whether to sell a business, how to manage concentrated holdings, whether to relocate, how to plan around taxes and how to coordinate with estate professionals.

That makes platform choice relevant.

New Jersey Client Issues That Can Shape Platform Fit

High cost of living: Retirement income planning must account for housing, taxes, healthcare and family support.
Executive compensation: Corporate clients may need help with equity awards, deferred compensation and retirement plans.
Business-owner exits: Local business owners may need liquidity planning before and after a sale.
Multistate planning: Clients may split time between New Jersey, Florida, Pennsylvania or New York.
Tax coordination: Advisors often need to work closely with CPAs and attorneys on tax-sensitive planning.

A platform switch can affect how well those conversations are supported.

That is why Salerno’s move should not be treated as just another Commonwealth departure.

Raymond James’ Advantage Is “Large, But Not The Acquirer”

Raymond James has a useful position in the Commonwealth fight.

It is large enough to be credible, but it is not the firm that bought Commonwealth. That gives it a cleaner recruiting message. It can present itself as a stable destination without asking advisors to trust an acquisition integration that they did not choose.

This is not a guaranteed advantage. LPL has enormous scale, financial strength and a strong retention package. Some Commonwealth advisors may prefer to stay and see the process through. Others may believe LPL’s platform will ultimately offer more resources than Commonwealth had on its own.

Still, Raymond James can offer something rivals need in moments like this: a fresh start without looking like a startup.

Why “Large But Different” Can Work

Advisor comfort: Advisors may want national resources without feeling absorbed by the largest independent broker-dealer.
Client reassurance: Raymond James is established enough to make clients comfortable during a move.
Cultural contrast: The firm can emphasize advisor choice, research and planning support.
Operational credibility: Advisors need confidence that the receiving platform can handle transition logistics.
Recruiting timing: The firm can act while Commonwealth advisors are still evaluating options.

That combination makes Raymond James one of LPL’s most visible Commonwealth challengers.

LPL’s Best Defense Is Not Silence. It Is Proof.

LPL cannot stop every competitor from using Commonwealth uncertainty as a recruiting tool.

The best defense is proof.

It has to show Commonwealth advisors that service quality remains high, client conversion planning is thoughtful, technology improves rather than frustrates, support teams understand the Commonwealth culture and the economics of staying are attractive. It also has to show investors that asset retention remains strong.

Press statements help, but proof comes through execution.

What LPL Needs To Demonstrate

Service preservation: Commonwealth advisors need to feel that the support experience has not been diluted.
Conversion clarity: Advisors need specific timelines, workflow guidance and client communication support.
Technology confidence: The eventual platform move must feel like an upgrade, not a downgrade.
Advisor economics: Retention packages and ongoing compensation must be competitive enough.
Community respect: LPL must preserve what made Commonwealth feel distinct.
Client continuity: Clients should not feel like they were pushed into a transaction they never chose.

LPL’s 90% goal is a number.

The real job is making advisors believe the number is worth helping LPL reach.

The Client Relationship Still Belongs To The Client

Advisor recruiting coverage often makes clients sound like assets that move between firms.

That is the wrong frame.

Clients choose. They can stay with the old platform, follow the advisor or evaluate another provider entirely. That is why every advisor move requires a clear client explanation. The advisor must explain what changes, what stays the same and why the new platform supports the client’s plan better.

For LPL, Raymond James and Ameriprise, the business win depends on client consent.

A recruited advisor brings opportunity, not guaranteed transfers.

What Clients Should Ask When An Advisor Moves

Reason for the move: Why did the advisor choose the new platform?
Service impact: Will the client’s service team, meeting cadence or planning process change?
Account transition: What paperwork, custodian changes or online-access changes are required?
Cost comparison: Will advisory fees, transaction costs or account charges change?
Investment changes: Will model portfolios, research, product access or planning tools change?
Continuity plan: How does the move support the advisor’s long-term practice and succession?
Alternatives: What happens if the client does not want to move?

Clients should not feel rushed.

A good advisor can explain the move without pressuring the client.

Why The LPL, Raymond James And Ameriprise Stories Are Connected

These moves may look separate, but they are connected by one industry trend: advisors are shopping for operating models.

The old recruiting question was often about payout and platform size. The new question is broader. Advisors want to know how a firm supports organic growth, client service, practice management, technology, retirement planning, succession, compliance and staff development.

That is why the same week can include Raymond James recruiting independent-channel advisors, LPL adding a Janney team to Linsco and Ameriprise adding practices into its independent channel.

Each firm is trying to match a specific advisor preference.

The Operating-Model Questions Advisors Are Asking

How much independence do I actually want?
How much administrative burden can my practice handle?
What platform resources do my clients need now?
Will my support staff be better off after the move?
Can the new firm help me grow organically?
Does the platform understand my client niche?
What happens when I eventually retire or sell?

Recruiting wins now depend on how well firms answer these questions.

The largest check is not always the best answer.

Paddock And Pine Shows Linsco’s Place In LPL’s Larger Strategy

LPL’s Paddock and Pine win is useful because it shows the firm is not relying only on the Commonwealth acquisition for growth.

Linsco gives LPL an employee-advisor channel that can appeal to teams leaving regional broker-dealers such as Janney. Carleton and Niles had worked together for a decade and brought nearly 55 years of combined experience, according to LPL’s announcement.

That experience level matters.

Older, established teams may not want to spend the next phase of their careers building every piece of independent infrastructure. They may prefer a model that lets them preserve a practice identity while leaning on an employee-channel support system.

Why Linsco Can Appeal To Mature Teams

Reduced operating burden: Advisors can focus more on clients and less on running a business.
Established platform: LPL provides technology, custody, clearing and practice support.
Practice continuity: A named practice can help preserve local identity.
Planning support: High-net-worth families and pre-retirees need structured advice.
Succession optionality: Employee-channel models can make future continuity easier for some teams.

That is why Linsco matters in this story.

It shows LPL has more than one way to recruit, even while defending Commonwealth attrition.

Ameriprise Is Proving That Smaller Wins Compound

Ameriprise reported that it had attracted roughly 1,700 advisors over the prior five years, according to InvestmentNews.

That number puts its smaller weekly recruits in context.

A $110 million LPL team and a $100 million Wells Fargo advisor may not look huge individually, but consistent recruiting across years can compound. Ameriprise’s strategy depends on repeatedly attracting practices that fit its planning and client-experience model.

For some advisors, Ameriprise may feel more structured than pure independence but less massive than LPL. That middle position can be attractive, especially for advisors who want brand recognition, research, planning tools and operational support without feeling anonymous.

Why Smaller Recruiting Wins Still Matter

They build regional density: A steady stream of practices can strengthen local market presence.
They prove platform appeal: Repeated wins show the story resonates beyond one headline team.
They diversify growth: Smaller practices reduce dependence on a few large teams.
They deepen advisor community: More practices can strengthen peer support and referrals.
They create future succession options: A wider advisor base can support more internal transitions over time.

Recruiting is not only about one large trophy team.

It is about whether the platform keeps attracting advisors consistently.

The Recruiting Battle Is Becoming More Client-Segment Specific

The advisor moves in this roundup also show that client segments matter more than they used to.

Flood and Cox serve families, individuals and retirees. Salerno focuses on corporate executives and business owners. Paddock and Pine serves high-net-worth individuals, families and pre-retirees. JMOD Financial Services emphasizes a modern, personalized client experience. Roy LeBlanc joined an established Ameriprise practice focused on long-term continuity.

These are not identical client bases.

That means the receiving platform has to support different planning needs.

Client Segments Behind The Moves

Retirees: Need income planning, risk management and healthcare-cost awareness.
Families: Need multigenerational planning, education funding and estate coordination.
Corporate executives: Need equity compensation, retirement plan and tax-aware guidance.
Business owners: Need exit planning, liquidity strategy and succession coordination.
High-net-worth households: Need broader planning, investment and risk-management support.
Pre-retirees: Need transition planning from accumulation to income distribution.

A platform that cannot support the client segment will eventually disappoint the advisor.

That is why recruiting fit has become more precise.

What Rivals Should Learn From Raymond James’ Commonwealth Success

Raymond James’ Commonwealth momentum offers a playbook for other recruiters, but it is not as simple as offering a big check.

The firm appears to be benefiting from timing, cultural contrast, independent-channel credibility and a message that speaks to advisors who worry about LPL integration. Other firms can compete, but they need their own distinct answer.

A generic “we have great technology and support” pitch is not enough.

Commonwealth advisors know what strong service feels like. They will compare every destination against the experience they had before the deal. That raises the recruiting standard.

The Recruiter’s Real Challenge

Understand the advisor’s reason for concern: Not every advisor is worried about the same part of the LPL transition.
Explain client impact clearly: Advisors need a strong client-facing reason for moving.
Respect the prior culture: Dismissing Commonwealth’s service reputation may backfire.
Prove operational readiness: Transition support must be credible and specific.
Offer more than economics: Advisors need to believe the destination works after the transition check is gone.

Raymond James has been winning because it has a focused message.

Other firms need the same level of precision.

What The Moves Say About 2026 Recruiting Pressure

Although the roundup was published in October 2025, the implications extend into 2026.

The Commonwealth integration timeline, LPL’s retention target and competitors’ recruiting campaigns were all positioned to remain active beyond the initial acquisition close. Advisors do not all decide at the same time. Some leave immediately. Some wait for more details. Some sign retention agreements. Some reevaluate closer to conversion. Some watch peers move first.

That means recruiting pressure can come in waves.

Why The Pressure Can Last

Advisor decisions are staggered: Teams move based on their own client, staff and contract timelines.
Conversion milestones matter: New paperwork, systems and workflows can trigger fresh questions.
Peer movement influences confidence: Advisors watch whether respected peers stay or leave.
Recruiting offers evolve: Competing firms may adjust packages or support as the battle develops.
Client feedback matters: Advisors may change plans if clients express concern about staying or moving.

This is why LPL’s work is not finished after closing.

Retention has to be earned through the conversion period.

The Takeaway: Raymond James Is Winning The Advisors Who Want A Different Kind Of Scale

Raymond James’ latest LPL and Commonwealth wins are not the largest asset moves in wealth management, but they tell an important story about advisor choice.

Some advisors want the biggest platform. Some want a W-2 employee channel. Some want an independent broker-dealer with a familiar culture. Some want a strong planning brand. Some want to avoid integration uncertainty. Some want to move before clients face a future conversion. Some want to stay and see LPL’s Commonwealth promise through.

That variety is the market.

Raymond James is gaining ground by offering scale without being the acquirer that changed Commonwealth’s future. LPL is defending the Commonwealth deal while still recruiting through Linsco and other channels. Ameriprise is using brand, planning and continuity to attract advisors from rival platforms.

The winner will not be decided by one week of advisor moves.

It will be decided by retention, client transfers, advisor satisfaction and whether each platform delivers the experience it promised after the press release.

For now, Raymond James has another proof point.

LPL still owns Commonwealth. But Commonwealth advisors still own their decision.

Frequently Asked Questions About Raymond James Recruiting LPL And Commonwealth Advisors

What Did Raymond James Announce In This Advisor Moves Roundup?
Raymond James Financial Services added Brett Flood and Tony Cox from LPL in Olathe, Kansas, where they had overseen more than $170 million in client assets. It also added Michael Salerno from Commonwealth Financial Network in Flemington, New Jersey, where he had managed about $125 million.
The moves are part of a broader recruiting fight after LPL acquired Commonwealth. Raymond James has been one of the most visible firms recruiting advisors who are evaluating whether they want to stay under LPL ownership.
Why Are Commonwealth Advisors Being Recruited So Aggressively?
Commonwealth advisors are being recruited aggressively because LPL’s acquisition changed their platform without each advisor choosing that change individually. Commonwealth had a strong reputation for advisor service, culture and support, so rivals see its advisors as valuable and potentially open to new conversations.
For LPL, retaining those advisors is critical to the economics and credibility of the acquisition. For Raymond James and other rivals, every advisor departure creates a chance to add quality practices and weaken LPL’s retention story.
How Does LPL’s Linsco Win Fit Into The Same Story?
LPL’s Linsco channel added Paddock and Pine Wealth Partners from Janney with about $330 million in advisory, brokerage and retirement plan assets. That shows LPL is not only defending Commonwealth advisors. It is also recruiting from other firms through its employee advisor channel.
Linsco gives LPL a way to attract advisors who want large-platform support and a named practice identity without taking on the full burden of running an independent business. It is a different pitch from Raymond James Financial Services.
Why Does Michael Salerno’s New Jersey Practice Matter?
Michael Salerno’s Flemington, New Jersey practice matters because it focuses on retirement planning for corporate executives and business owners. That client base often needs more complex planning than simple investment management.
Executives may need help with equity compensation, retirement plan decisions and tax-sensitive transitions. Business owners may need exit planning, liquidity strategy and succession coordination. The platform choice can affect how well those planning needs are supported.
What Should Clients Ask If Their Advisor Moves Firms?
Clients should ask why the advisor moved, what changes in the service model, whether accounts must transfer, whether fees change and what new resources become available. They should also ask whether the advisor’s support team, planning process and communication cadence will stay the same.
A good advisor should explain the move in practical client terms. The answer should focus on service, planning, technology, continuity and long-term support, not only the advisor’s business reasons for changing platforms.