LPL and Raymond James land $590M in advisor moves

LPL Financial and Raymond James each brought in an advisor team this week, together accounting for $590 million in client assets, according to InvestmentNews. The Edward Jones pair is heading to LPL's independent platform; the 26-year UBS veteran is joining Raymond James's employee channel.

Paul McCutchen and Jarod Wesson are the LPL additions. They left Edward Jones with roughly $190 million in advisory, brokerage and retirement plan assets; Wesson holds the AAMS designation. The pair has more than 30 years of combined experience. They will operate as McCutchen Wesson Wealth Advisors in Marion, Ark., near Memphis, serving business owners, retirees, multigenerational families and professionals across the Mid-South. InvestmentNews connects their move to a desire for a more flexible platform, citing their regional focus and hands-on service philosophy.

Marc Cohen, LPL's chief growth officer, spoke of flexibility when announcing the hires. "We are excited to welcome McCutchen Wesson Wealth Advisors to LPL and support their growth with the flexibility, planning capabilities and expanded resources that allow advisors to serve clients on their own terms," he said.

Raymond James is adding Adam E. Pearsall, a CFP who spent more than 26 years at UBS. He has more than $400 million in client assets. Pearsall will join Raymond James & Associates, the employee advisor channel, and lead Pearsall Wealth Management of Raymond James in Glens Falls, N.Y. Practice business manager Melissa Battiste and client service associate Tara Johnson will support the office. Pearsall, a Colby College graduate, has been named to the Forbes Best-in-State Wealth Advisor list for five consecutive years, including 2026.

Kelly Anderson, Northeast division director for Raymond James & Associates, pointed to the firm's investment in the region. "Our continued investment in Saratoga Springs, Latham and now Glens Falls reflects our confidence in this community," she said.

McCutchen and Wesson moved for independence; Pearsall moved for a firm's backing, citing Raymond James's culture and its technology investment. The same week brought bigger moves on both paths. Carson Group pulled a $1.76 billion Wells Fargo team into its independent arm. It also added a $405 million Atlanta practice from Northwestern Mutual. Osaic landed a $367 million father-son team.

Pearsall's choice is a reminder that the employee channel still appeals. Independence gets the louder narrative, but an employee model with strong support can win. Raymond James's offices in Saratoga Springs, Latham and now Glens Falls give the firm a concrete footprint in what it calls one of the Northeast's most vibrant growth markets.

The $590 million combined total is small next to those headline numbers, but not in the transition-deal context. RIA principals should read it that way. PWD's Moves desk reported Pearsall's move separately this week; together, the two moves make the pattern clear. Advisors who switch platforms once are likely easier to move again when a buyer comes along. The same advisors populate the recruiting market and the M&A market.

For LPL, the math is simple. The firm ended July with $2.55 trillion in client assets. It added $7.4 billion during the month. The advisory mix climbed to 60.6%. A $190 million team doesn't move those numbers. The growth comes from repeated additions at this scale; recruiting keeps the queue full.

Edward Jones loses a Mid-South practice rooted in an agricultural niche. UBS loses a 26-year veteran. The advisor had made the Forbes Best-in-State list for five years running. Those are the costs behind the $590 million figure.