Raymond James secured two wealth advisory groups managing a combined $1.75 billion in client assets, capitalizing on ongoing industry shifts as competing firms restructure their advisor networks. The recruitment wave includes a $1.25 billion Iowa-based group joining the employee advisor channel and a $500 million team out of Rochester, New York, entering the independent channel. The recruitment activity highlights ongoing migration among high-net-worth practices, particularly as advisors transition away from Commonwealth Financial Network following its acquisition by LPL Financial in August 2025. Raymond James has absorbed multiple large practices from Commonwealth as advisors meet platform conversion deadlines running through the end of 2026.
Raymond James Recruits Two Wealth Advisory Teams Managing $1.75 Billion in Combined Assets
Greenwood Wealth Partners Joins Employee Channel from D.M. Kelly
The larger of the two incoming groups is Greenwood Wealth Partners, a Clive, Iowa-based practice managing approximately $1.25 billion in client assets. The team joined the Raymond James employee advisor channel from D.M. Kelly & Company, a broker-dealer based in Des Moines, Iowa. The advisory group provides financial planning and investment advice for families, business owners, foundations, endowments, nonprofits, and retirees. Practice members include David Lobriecki, Dan McPhail Jr., David Haas, and Willis Gaer, alongside Practice Business Manager Holly Ellsworth. Lobriecki brings over three decades of industry experience to the firm, having spent 30 years at D.M. Kelly. McPhail and Haas registered as industry professionals in 2007 and 2008, respectively, while Gaer entered the industry in 2022. In a statement, Lobriecki cited Raymond James’ culture and respect for the team’s independence as primary drivers behind the transition. He noted that the move grants the team access to an expanded investment platform, comprehensive wealth management resources, and home office support to serve clients across a broad range of financial goals.
New York Team Departs Commonwealth Financial Network for Independent Channel
In the firm’s independent advisor channel, Raymond James recruited a Rochester, New York-based team managing $500 million in assets previously affiliated with Commonwealth Financial Network. The practice delivers financial planning services tailored to families, corporate executives, and retirees. The team is led by Todd Harris, the team’s principal, with more than two decades of experience. The roster includes Connie Gilderhus, who brings 15 years of industry experience, and Sarah Fuller, a Certified Financial Planner (CFP) with more than 35 years in financial services. Robert Conderman and Joseph Palma round out the group, having entered the industry in 2007 and 2008, respectively.
Industry Consolidation Drives Advisor Migration
The addition of the Rochester-based team coincides with the ongoing integration of Commonwealth advisors into LPL Financial platforms. Following LPL’s acquisition of Commonwealth in August 2025, advisors face mandatory platform transitions scheduled to conclude by the end of 2026. According to its corporate earnings reports, Raymond James has increased its recruitment spending over the past year to position itself as a primary destination for transitioning advisors. Last May, the firm recruited Financial Strategies Retirement Partners, a 12-advisor team out of Bedford, New Hampshire, that managed $2.8 billion in client assets prior to leaving Commonwealth.
