Raymond James Adds $2.8B New Hampshire Advisory Team

Raymond James has added Financial Strategies Retirement Partners to Raymond James Financial Services, the firm’s channel for advisors operating as independent contractors. The Bedford, New Hampshire, team had previously managed roughly $2.8 billion in client assets at Commonwealth Financial Network and left after Commonwealth was acquired by LPL Financial last year.

The group includes 12 advisors and 12 support staff. Its assets comprise about $1 billion in private wealth under management and $1.8 billion in employer-sponsored retirement plans. Financial Strategies Retirement Partners was founded in 2007 and is led by CEO and managing partner Shawn Monty, with partners Al Gilbert and Sarah Kenda.

Monty began his career at First Investors in 1985, moved to MetLife Securities in 1988 and joined Commonwealth in 1995. Gilbert entered the industry in 1992 and joined Commonwealth in 2007; Kenda started in 2002 and moved to Commonwealth in 2018. Monty said in a statement, “We were looking for a partner that supports independence, innovation and long-term growth while enabling us to continue delivering the personalized guidance our clients expect.”

Raymond James has been a leading destination for advisors departing Commonwealth after LPL’s acquisition. Industry tracker AdvizorPro reported Raymond James added 145 Commonwealth advisors last year. At the time of its sale, Commonwealth had about 3,000 advisors and roughly $305 billion in client assets. LPL’s advisor headcount now exceeds 32,000 and its client assets total about $2.3 trillion.

Phil Waxelbaum, founder of Masada Consulting, noted that many of Raymond James’ recent recruits were concentrated in the wave tied to Commonwealth. He predicted LPL will intensify efforts to recruit advisors from rival firms, including Raymond James, after allocating resources to retain Commonwealth advisors.

Financial Strategies Retirement Partners’ move increases Raymond James’ presence in New Hampshire and expands the firm’s retirement-plan advisory capabilities because of the team’s large block of employer-sponsored assets. The change follows a broader pattern of advisor teams reassessing custodial and broker-dealer relationships after consolidation in the independent advisory sector.