Raymond James Adds $682 Million Touchpoint Financial Team From Commonwealth

Raymond James recruited the six-person Touchpoint Financial team from Commonwealth, managing $682M in assets.

Raymond James has recruited the Touchpoint Financial Advisor Group from Commonwealth Financial Network, adding a team that manages approximately $682 million in client assets. The group — which includes advisors Reed Thompson, David Erwin, John Pratti, John Nolan, Patrick Sheehan, and Jillian Feehan — made the move in January 2026.

The acquisition is part of Raymond James's sustained recruiting push, which has made the firm one of the most active talent acquirers in the industry. Raymond James added teams representing approximately $3.8 billion in disclosed client assets in early 2026 alone, with the Touchpoint group among the larger individual wins.

Commonwealth Financial Network, a Waltham, Massachusetts-based independent broker-dealer, has been a frequent source of recruits for Raymond James. The two firms operate in similar segments of the market but offer different models: Commonwealth is purely independent, while Raymond James offers both employee and independent contractor channels, giving advisors flexibility in how they structure their practices.

For the Touchpoint team, the move to Raymond James was driven by several factors. The firm's technology platform, which includes a proprietary portfolio management system and integrated financial planning tools, was a key consideration. Raymond James also offers a more extensive banking and lending platform than Commonwealth, which matters for advisors serving high-net-worth clients with complex borrowing needs.

Raymond James's recruiting strategy has been to position itself as the "best of both worlds" — offering wirehouse-level infrastructure and brand recognition while maintaining the entrepreneurial culture and economic advantages associated with independent firms. The strategy has been effective: the firm now manages approximately $1.5 trillion in client assets across its various channels.

The six-person team structure of the Touchpoint group reflects a growing trend in the advisory business. Multi-advisor teams are increasingly the norm, particularly for practices managing $500 million or more in assets. Teams allow for specialization — one advisor might focus on investment management while another handles financial planning or retirement plan consulting — and provide built-in succession planning.

Commonwealth's loss is notable because the firm has historically had strong retention. Commonwealth regularly scores among the top broker-dealers in advisor satisfaction surveys conducted by J.D. Power and Investment News. When advisors leave a platform with that kind of reputation, it typically signals that the destination firm offered a material improvement in economics, technology, or growth opportunity.

Raymond James's compensation model for its independent contractor channel is competitive with the best in the industry. Advisors typically retain 80-92% of gross production, depending on production levels and the specific deal structure. For a team producing in the range of $3-4 million annually, the economic advantage over Commonwealth can be meaningful, particularly when factoring in Raymond James's institutional lending and trust services.

The broader trend of advisor movement from independent broker-dealers to firms like Raymond James suggests that the traditional categories of "wirehouse" and "independent" are blurring. Advisors increasingly want the best elements of both: the infrastructure, brand, and banking capabilities of a major firm combined with the flexibility and economics of independence.

What to watch: Raymond James has signaled that 2026 will be its most active recruiting year ever. The firm is reportedly in conversations with multiple teams from Commonwealth, LPL, and Ameriprise, as well as several wirehouse teams considering a move to the independent model.