Raymond James presses a two-front talent war, from advisors to custody

Over the past 30 days, PWD's tracking shows Raymond James making fourteen advisor moves, more than any rival. Nine of those came through the parent firm. Five came through Raymond James & Associates, the employee broker-dealer. Commonwealth Financial Network and Merit Financial Advisors each landed seven. Charles Schwab's five were mostly exits.

Team liftouts accounted for eighteen moves. Individual advisor moves totaled eight. Breakaways, six. The fight is no longer about poaching solo producers. It is about moving entire practices, books and staff included. Raymond James's two-front push fits that shift.

Conventional wins included a Stifel team in Lafayette, Indiana, a pair of advisors managing $316 million. The stranger move was hiring Elyn Davis, a 29-year Charles Schwab veteran, into the RIA custody unit. Davis built her career in custody and clearing, not in front of clients. Raymond James & Associates runs a custody platform that competes directly with Schwab's. Davis is an infrastructure hire.

Moving an advisor brings over client assets. A custody hire carries different weight: institutional knowledge. Davis spent nearly three decades learning Schwab's custody and clearing operations — its pricing, its service weaknesses, its most movable advisor relationships. Raymond James & Associates already runs a custody platform. Importing a veteran of the market leader sharpens it. The hire suggests the firm means to use custody as a competitive weapon, not just as back-office plumbing.

Elsewhere, the market fought on a single front. LPL Financial added a $350 million Tampa team from Corebridge. Cetera recruited a $420 million duo from Commonwealth. Both are serious lifts, but they are advisor wins. No other firm in the tracking period paired a roster gain with a custody hire. Raymond James stands alone in the two-front game.

The next battle for wealth assets will be fought over who controls the advisor and the custodian relationship. Advisors hold the client relationship. Custodians hold the operational core. A firm that holds both can move money in bulk. Schwab, which lost a custody veteran this month, is the most exposed player. Whether it counters by hiring from Raymond James's own custody ranks is the next thing to watch.