The financial advisory landscape is a dynamic arena, with talent acquisition and retention being a key battleground for firms. Recent moves by LPL, Raymond James, and Brighton Jones highlight the ongoing efforts to attract and retain top advisor teams. These strategic hires are reshaping the competitive landscape, offering clients a range of specialized services and expertise.
A National Reach and Complex Planning
One notable move is the departure of Davis Executive Wealth, led by Timothy Davis, from Steward Partners to join LPL Financial's LPL Strategic Wealth model. This team, based in Norwell, Massachusetts, oversees $635 million in advisory assets and caters to a national clientele of c-suite executives, entrepreneurs, business owners, and high-net-worth families. Their expertise lies in complex tax, estate, liquidity, and generational planning, with a strong market presence along the East Coast and in key cities like Houston, Denver, and Chicago.
The decision to join LPL Strategic Wealth was influenced by its comprehensive service infrastructure. This model offers simplified pricing, technology, and a dedicated support team, including a business strategist, marketing partner, CFO, and administrative assistant, all under one point of contact. Marc Cohen, LPL's chief growth officer, emphasized the alignment between Davis Executive Wealth's client-first approach and the LPL Strategic Wealth model, designed to support disciplined practices serving complex investors.
Building Lasting Relationships
Raymond James & Associates' employee advisor channel welcomed Brent Tiemeyer, who brings a decade of industry experience to the Olive Tree Private Wealth team in St. Louis. Tiemeyer's focus on building lasting relationships and his choice of Raymond James, which shares a similar philosophy, is notable. He managed approximately $150 million in client assets at Edward Jones and joins a firm that values understanding and impactful resources, delivering comprehensive private-wealth capabilities and research-driven platforms.
Expanding Horizons and Local Demand
Brighton Jones, a Seattle-headquartered RIA with $30 billion in assets under advisement, has expanded its reach by opening its first Ohio office in Cleveland. Leading this expansion is Mitchell Kotheimer, a seasoned Senior Financial Planner with over 350 families' experience. Kotheimer will serve as a Personal CFO, coordinating investments, tax and estate plans, philanthropic strategies, and broader wealth planning under Brighton Jones' values-aligned model.
Mark Jones, Brighton Jones' chief growth officer, attributed the expansion to local demand for comprehensive wealth planning services. This move marks the firm's sixth new office in two years, with an employee-owned structure, and it is actively seeking advisor talent in several cities to fuel its organic growth push.
