Wealth management firms are seeing a significant reallocation of capital, headlined by a $700 million advisor team moving from Truist Investment Services to Raymond James in Florida.
In one instance, advisors Lance Longwater and Christopher “Ryan” Haffey have joined Raymond James & Associates, the firm’s employee advisor channel, as managing directors. Supported by senior registered client service associate Traci Havens, the team previously oversaw approximately $700 million in client assets at Truist. Operating as the Longwater Haffey Group, they provide financial planning and investment strategies to individuals and institutions. We joined Raymond James to build on the personal, planning-centered approach our clients value while gaining access to the firm’s broad resources and capabilities,
Longwater said.
Expansion Across Independent and Regional Channels
The movement extends beyond the employee channel, as other firms continue to capture significant assets. &Partners recently added a Texas-based family practice, Riseling Wealth Management, which manages $357 million in assets. Formerly affiliated with Edward Jones, the practice is led by Larry and Reid Riseling and focuses on retirement income planning for energy workers and farm families. This addition marks the 132nd practice to join &Partners, which reported $65 billion in assets at the end of the third quarter.
Meanwhile, Janney Montgomery Scott added Christopher Manimbo in Miami, who brought $250 million in client assets from Edward Jones. Manimbo, who joins as a senior vice president of wealth management, will maintain a presence in both Miami and Fairfield, Connecticut, supported by senior registered private client associate Thomas Fagan.
Diversified Recruitment Strategies
Raymond James has also integrated a separate $700 million team into its Financial Institutions Division, which serves bank and credit union advisors. This group, led by advisors Darrell Brown, Mark Taylor, and Jonathan Shaw, moved from Truist Investment Services to Pinnacle Asset Management, a division of Pinnacle Financial Partners that utilizes Raymond James Financial Services for brokerage support. The division, established in 1987, currently manages relationships with approximately 950 advisors across 160 institutions. These recent transitions highlight the competitive landscape for veteran advisory teams seeking to leverage new technology and resources to scale their practices.
