Two Raymond James Financial teams managing $824 million combined left this week for &Partners and regional broker-dealer Janney Montgomery Scott, according to announcements on Wednesday.
In the larger move, a five-person team in Washington state joined &Partners from Raymond James Financial Services, the firm’s independent contractor division, on Tuesday. The Fisette & Kim Financial Services team, which managed $524 million in assets, is led by Hyon Yong “Ethan” Kim and Scott W. Milam.
The duo had joined Raymond James in 2020 from Key Bank and since added advisors Brady Jowell and Matthew J. Zager to their practice.
Although advisors join &Partners as employees, it has attracted several groups from independent broker-dealers with a quasi-independent model that offers equity and higher payouts than traditional employee firms while requiring advisors to shoulder more operating expenses.
The Fisette & Kim team said on its website it was lured by the “advisor-owned” model as well as promises of greater support, including “no call centers, no bureaucracy.” They will custody with Fidelity Investments.
&Partners, founded in 2023, has grown to 117 practices overseeing $58 billion in assets, according to a spokesperson.
Separately, a duo previously registered with Raymond James’ employee channel joined Janney Montgomery Scott in Miami. The Ginsburg Private Wealth team, which managed $300 million in assets, is led by Keith Ginsburg and includes support staff Karla Avecillas.
Prior to joining Raymond James in 2007, Ginsburg spent almost four years as a financial planner for T. Rowe Price and worked at Signator Investors, according to registration records.
Janney, which is owned by KKR, has recruited at least three teams in 2026 that were overseeing almost $2.4 billion in combined assets at Wells, UBS and Merrill.
Raymond James since May has lost two teams to Concurrent Investment Advisors, one managing $750 million and another with $1.2 billion. In June, the firm landed a $1.2 billion team from RBC’s City National Bank in California.
Raymond James reported in April that it had its second best recruitment quarter in the first three months of the year. A spokesperson did not respond to a request for comment.
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