Raymond James adds $2.8B New Hampshire advisory team

Raymond James has added Financial Strategies Retirement Partners, a 24-person advisory team based in Bedford, New Hampshire, to its Raymond James Financial Services independent contractor channel. The team transferred from Commonwealth Financial Network and manages roughly $2.8 billion in client assets.

Financial Strategies Retirement Partners comprises 12 advisors and 12 support staff. Its assets include about $1 billion in private wealth under management and $1.8 billion in employer-sponsored retirement plans. The firm was founded in 2007.

The team is led by CEO and managing partner Shawn Monty alongside partners Al Gilbert and Sarah Kenda. Monty began his career in 1985, worked at MetLife Securities and joined Commonwealth in 1995. Gilbert entered the industry in 1992 and joined Commonwealth in 2007. Kenda has worked in financial services since 2002 and joined Commonwealth in 2018.

In a statement, Monty described the team’s search for “a partner that supports independence, innovation and long-term growth while enabling us to continue delivering the personalized guidance our clients expect.”

Recruiting activity has focused on advisors departing Commonwealth after its acquisition by LPL Financial last year. An industry-tracking firm counted 145 Commonwealth advisors who moved to Raymond James last year. Commonwealth had about 3,000 advisors and $305 billion in client assets at the time of the sale. LPL now reports more than 32,000 advisors and roughly $2.3 trillion in client assets.

Phil Waxelbaum, founder of Masada Consulting, noted that Raymond James benefited from concentrated recruiting tied to the Commonwealth sale and raised the question of whether the firm can sustain that pace once Commonwealth-related moves decline.

Raymond James has identified growth of its independent channel and recruitment of established teams as ongoing priorities. Financial Strategies’ leaders stated they moved to preserve their advisory model while accessing resources they expect will support long-term growth.