By Andrew Welsch
Raymond James Financial said it recruited a financial advisor team from LPL Financial that managed approximately $682 million in client assets. Like several other recent Raymond James recruits, this team was previously affiliated with Commonwealth Financial Network, an independent broker-dealer acquired by LPL last year.
Raymond James' new recruits joined the company's independent advisor channel. The team is composed of financial advisors Reed Thompson, David Erwin, John Pratti, John Nolan, Patrick Sheehan and Jillian Feehan.
They call their practice Touchpoint Financial Advisor Group, and they are based in Woburn, Mass. Moving with the advisors are: client service manager Susan Nolan, who is married to John Nolan; branch operations coordinator Phyllis McGee; and client service associate Jennifer Rothwell.
The Touchpoint team serves individual investors, families and business owners, according to Raymond James. The advisors say they chose Raymond James because of its investment platform and private wealth capabilities.
Their exit from LPL follows a raft of other departures of ex-Commonwealth advisors. LPL's announcement in March 2025 that it agreed to acquire its former rival sparked a recruiting frenzy as other competitors swooped in to try to lure away Commonwealth advisors.
Commonwealth had approximately 2,900 advisors a year ago. About 22%, or 653 Commonwealth advisors, left the company between the time of the acquisition announcement until the end of last year, according to a report published in January from AdvizorPro and Muriel Consulting.
Raymond James has been a beneficiary of the out-migration. Earlier this month, the company said it recruited a Green Bay, Wis.-based team that managed approximately $730 million in client assets at Commonwealth. In January, Raymond James picked up an advisor duo, E. Kim Dignum and Ryan Dignum, in Fort Worth, Texas, where they managed approximately $420 million in client assets.
On LPL's fourth-quarter earnings call in January, executives expressed confidence that the company was still on track to meet its goal of retaining 90% of Commonwealth assets. An LPL spokeswoman didn't respond to a request for comment.
Write to Andrew Welsch at andrew.welsch@barrons.com
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February 18, 2026 13:13 ET (18:13 GMT)
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