A Massachusetts-based group of five advisers managing about $800 million in assets is joining Raymond James' independent channel from Commonwealth Financial Network.
Advisors include Jonathan Wolff, Scott Schutte, Justin Turcotte, Jack Wolff and Evan Mattern, who created Lightship Wealth Strategies through Raymond James' independent channel; three customer service associates will join them.
The team is based in Newton Lower Falls, about 15 miles outside of Boston, and works with a variety of clients, including business owners, high net worth individuals and families. According to SEC datafounder Jonathan Wolff entered the industry in 1983 at Northwestern Mutual and joined Commonwealth in 2006, where he worked until moving this week to Raymond James.
“Ultimately, the firm's advanced technology, banking and lending capabilities and broad range of high net worth options are a perfect fit for our clients,” Wolff said of the rationale behind the move to Raymond James. .
In fiscal year 2025, Raymond James Chief Financial Officer Paul Shoukry will succeed Paul Reilly as CEO, becoming the fourth in the firm's history (until then, he will serve as interim president). Reilly will remain on the board of directors as executive chairman. The move was part of a “multi-year succession planning process”.
COO Jeff Dowdle will step down from his role in October, and Private Client Group President Scott Curtis will take his place (Dowdle will become vice president). Elwyn now leads Raymond James' employee advisor channel and will move into Curtis' role.
Jim Bunn, current president of global equities and investment banking, will become president of the capital markets segment. The new president of the employee advisor channel will be announced later this year.
Raymond James has approximately 8,700 advisors in several membership models, with approximately $1.38 trillion in total client assets.