Advisor Recruiting Frenzy: Raymond James, Ameriprise, and Cetera Secure $2.1 Billion in New Assets

The landscape of wealth management in the United States continues to undergo a seismic shift as major broker-dealers ramp up their efforts to attract high-performing advisory teams. In the latest surge of industry movement, three prominent firms—Raymond James & Associates, Ameriprise Financial, and Cetera Financial Group—have successfully recruited advisor groups collectively managing over $2.1 billion in client assets. This aggressive expansion highlights a broader trend in the financial services sector, where established teams with significant books of business are increasingly shopping their practices in search of platforms that offer superior technological support, greater operational independence, and expanded service capabilities for their clients.

Raymond James Lands $1.5 Billion PNC Team in Washington, D.C.

Raymond James & Associates (RJA), the firm’s employee advisor channel, has secured a major victory in the competitive Washington, D.C. market by welcoming a veteran team from PNC Private Bank. The incoming group, which oversees more than $1.5 billion in client assets, includes seasoned professionals Kenneth "Ken" Killfoil, CFP, CIMA, Kathleen "K.C." Koch, CFP, and Kris Morin, JD, LL.M.

Operating under the banner of KKM Wealth Partners within the prestigious Alex. Brown division, the team is further bolstered by Registered Client Service Associate Mallory Schmidt. Their practice is designed to cater to a sophisticated clientele, offering comprehensive wealth management services to high-net-worth individuals, multigenerational families, corporate executives, foundations, endowments, nonprofits, and business owners.

For Killfoil, the transition to Raymond James was driven by a desire for a more robust toolkit to manage complex client needs. "Raymond James provides the resources, technology and breadth of capabilities that position our team to address the unique needs of the individuals and families we serve," Killfoil said in a statement. "The firm’s client-focused culture and support allow us to preserve the personalized approach that is central to our practice while expanding the solutions available to our clients."

The team’s pedigree is significant. Killfoil brings more than two decades of experience in financial planning and investment management to his new role, including 13 years spent at PNC. He holds a master’s degree in business from Georgetown University. Koch, also serving as a managing director, contributed a decade of service to PNC and holds a master’s degree in education from Johns Hopkins University. Morin, who rounds out the managing director trio, previously practiced as a trusts and estates attorney before pivoting to financial services in 2022. He holds both a Juris Doctor and a Master of Laws in taxation from Villanova University.

The addition was confirmed by Tony Barrett, the North Atlantic regional director for RJA. Steve Pryor, the Chesapeake complex manager, noted that the firm’s platform is increasingly serving as a beacon for high-growth teams. "The firm’s reputation along with its platform, products and services all resonate with growing teams as they look to best serve clients, making us a destination of choice," Pryor remarked.

This move is part of a larger recruiting wave for Raymond James. Earlier in the same week, the firm announced the onboarding of another team managing $700 million in assets, marking the second such significant addition in just two weeks.

Ameriprise Welcomes Back $193 Million Florida Advisor After Six Years Away

In a move that underscores the importance of corporate culture in the retention and recruitment of advisors, Ricardo Baptiste, CFP, has rejoined Ameriprise Financial in Plantation, Florida. Baptiste, who previously spent 23 years at Ameriprise before departing in 2020 for a six-year tenure at Raymond James, returns to the firm’s independent channel with $193 million in client assets under his practice, Wealth Investment Group.

Baptiste is accompanied by a support staff that includes Financial Planning Assistant Zachary Rosen and Client Service Specialist Josie Felix. His homecoming is being facilitated locally by Franchise Field Vice President Sabrina Sabate and Regional Vice President Michael Barker.

Reflecting on his return, Baptiste emphasized that his time away from the firm provided a clarifying perspective on what he requires for his long-term success. "My experience away reinforced what I value about Ameriprise and what’s important to me in a long-term partner for my practice," Baptiste explained. "I knew I needed a firm that shared my commitment to comprehensive financial planning, independence, advisor success, and an elevated client experience."

According to Baptiste, the decision to return was heavily influenced by Ameriprise’s specialized financial planning software, modern technology, and a leadership team that remains intensely focused on the advisor experience. Ameriprise has been highly active in the market, reporting that it has attracted approximately 1,700 experienced advisors to its platform over the past five years.

Sabrina Sabate noted that such "boomerang" hires serve as a validation of the firm’s strategic direction. "When accomplished advisors like Ricardo choose to return to Ameriprise, it reinforces what makes our firm distinctive," she said. "We combine industry-leading financial planning capabilities with a culture that supports advisor growth and puts clients at the center of everything we do."

The announcement follows recent public comments from Ameriprise CEO Jim Cracchiolo, who clarified that the firm has not established a broad-based bonus pool or formal retention program to hold onto its 10,000 advisors, distancing the company from reports suggesting otherwise.

Cetera Recruits $450 Million Northwestern Mutual Team in Buffalo

Cetera Financial Group has continued its aggressive growth strategy by welcoming Primacy Financial, a nine-member wealth management team based in the Buffalo, New York area. Led by Founding Partner Ryan P. O’Connor, CFP, the team joins Cetera from Northwestern Mutual, bringing with them approximately $450 million in assets under administration.

The team has joined through Cetera’s Financial Specialists community and will align with the enterprise-level independent office, Patriot Financial Group. The group is composed of a diverse range of talent, including Founding Partners Christopher J. Williams and Tony Blasting, as well as Deanna M. McCarthy, who serves as partner and chief operating officer. The firm also employs Sean Thompson, CFA, as chief investment officer, and five additional specialists dedicated to client services, insurance, and operations.

Primacy Financial’s client base is primarily composed of business owners, physicians, and medical professionals, as well as individuals preparing for or currently in retirement. Their practice is built around specialized expertise in business succession planning, tax-efficient investment strategies, and the complexities of multigenerational wealth transfer.

For O’Connor, the transition to Cetera was about achieving greater operational autonomy. "Our firm’s name is Primacy because we put clients first, and we pursue client services in a bold way," O’Connor stated. "We chose Cetera because of what we believe makes them unique—their focus on advisor growth, and their willingness to trust advisors and their decisions about the best way to run their business."

O’Connor highlighted that the partnership with Cetera provides his practice with the flexibility to maintain a larger-than-typical support staff, which he views as essential to providing high-touch service. As of mid-2026, Cetera’s network reported approximately $688 billion in assets under administration and $330 billion in assets under management.

Andy Watts, the Cetera Tax Channel Leader, praised the team’s professional structure. "Ryan and his team relentlessly put clients first, and that shows up across their firm, from how they’ve structured their team to the depth of specialties they bring to the table," Watts observed.

The flurry of activity across Raymond James, Ameriprise, and Cetera serves as a microcosm of the current state of the wealth management industry. As firms compete for the best talent, the power dynamic increasingly rests with advisors who are seeking environments that combine the stability of a large, well-resourced parent company with the freedom to operate their businesses in the best interests of their clients. This pattern of migration is expected to continue as the industry evolves and advisors look for platforms capable of supporting their long-term growth and succession goals.