Raymond James Adds $1.8B Team from M Financial Group.

Raymond James has recruited a team of 16 advisors, including Greenberg & Rapp principals Thomas C. Rapp and Ronald J. Greenberg, with $1.8 billion in client assets from M Financial Group. The team specializes in private placement life insurance and private placement variable annuities and joins Raymond James Financial Services, the firm's independent broker/dealer channel. This addition comes after Raymond James lost several big advisor teams, but CEO Paul Shoukry said the firm has a strong advisor pipeline.

Raymond James Financial (NYSE:RJF) has bolstered its wealth management capabilities by welcoming a team of 16 financial advisors from M Financial Group, led by principals Thomas C. Rapp and Ronald J. Greenberg. The team, known as Greenberg & Rapp, brings with it approximately $1.8 billion in client assets and specializes in private placement life insurance (PPLI) and private placement variable annuities (PPVA). This strategic addition comes as Raymond James seeks to regain momentum after losing several key advisor teams [1].

The team, operating from offices in Morristown, New Jersey, and West Palm Beach, Florida, joins Raymond James Financial Services (RJFS), the firm's independent advisor channel. Greenberg & Rapp is known for its sophisticated wealth management strategies, which cater specifically to ultra-high-net-worth clients. This expertise aligns well with Raymond James' Private Wealth program, enhancing the firm's ability to serve the most affluent client segment [1].

The acquisition of Greenberg & Rapp is particularly significant because of the team's focus on PPLI and PPVA, which offer tax advantages for wealthy investors. These products enable investors to preserve and grow their wealth through tax mitigation investment strategies using diverse, non-traditional investments [2]. The addition of this specialized practice represents approximately 0.11% of Raymond James' total client assets of $1.64 trillion as of June 30, 2025. While relatively small in terms of asset size, the specialized nature of this practice and its focus on ultra-high-net-worth clients make it more significant than the percentage suggests [1].

The advisors cited Raymond James' technology, home office support, and culture of independence as key factors in their decision to move their practice. This strategic move strengthens Raymond James' position in the ultra-high-net-worth market segment while expanding its footprint in two key wealth markets—New Jersey and Florida [1].

Paul Shoukry, CEO of Raymond James, has expressed confidence in the firm's advisor pipeline, suggesting that the recent losses are not indicative of a broader trend. The firm continues to position itself effectively in the competitive landscape for attracting established advisory teams, particularly those serving wealthy clients who require sophisticated planning solutions [1].

References:
[1] https://www.stocktitan.net/news/RJF/raymond-james-welcomes-1-8-billion-financial-advisor-team-in-new-ixncjuahs6es.html
[2] https://www.advisorpedia.com/insurance/a-dive-into-private-placement-life-insurance-ppli/