Raymond James continues its streak of recruiting advisor teams from Commonwealth Financial Network in the wake of its acquisition by LPL Financial. The firm has added The Manning Companies, a San Diego-based team of five advisors with about $1.1 billion in client assets, to Raymond James Financial Services, the firm’s independent channel.
The team, comprising advisors Michael Manning, William Corder, Roger Groves, Heather Nicholas and Richard Carlquist, had been with Commonwealth for 15 years. Previously, they were with LPL.
“After a five-month deep dive on who we thought would be the best partner for our clients and the firm, Raymond James stood above the rest,” Manning said in a statement. “We feel we ended up at one of the most prestigious, independent broker/dealer with an advisor-centric model and a robust platform of products and services to offer our clients.”
They’re joined by Director of Operations Tina Emmet, Operations and Client Service Manager Camellia Perez-Hunter and Office Manager and Marketing Coordinator Elizabeth Steffanic.
This follows news on Wednesday that Raymond James recruited six advisors from Pioneer Valley Financial Group, a Ludlow, Mass. firm with more than $660 million in assets, to its independent channel from Commonwealth. Managing Partner Edward Sokolowski had been with Commonwealth for 26 years.
Raymond James has been a big winner of Commonwealth defectors, alongside other competitors. Earlier this week, Cetera snagged its first billion-plus team from Commonwealth with the addition of King Financial Network, a 14-person team overseeing more than $1.1 billion in client assets.
LPL Financial closed on its deal to acquire privately-held IBD Commonwealth in August for about $2.7 billion in cash. LPL said it plans to integrate the firm in the fourth quarter of 2026 and is on track to retain 90% of Commonwealth advisors.
