Raymond James Hires 1 Billion Dollar Team
Raymond James has added a California‑based advisory team that manages more than $1 billion in assets, pulling the group from Stifel and expanding its independent advisor channel.
Team moves to Pasadena office
The group, known as KWM Wealth Advisory, includes founders Kenneth Sanchez, Lee Wolfe, Mitchell Kauffman and KaNoi Lam. Based in Pasadena, the team also maintains a presence in Honolulu and employs nine additional staff members. Their client base spans families, business owners, executives and retirees.
Sanchez said the firm’s emphasis on technology was decisive, noting that leadership “clearly demonstrates priorities that align” with the team’s approach to serving clients. The move follows a pattern of advisors shifting toward firms that tout robust digital platforms.
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Background of the advisors
According to FINRA records, Sanchez began his career at Pruco Securities in the mid‑1990s, spent 12 years at LPL Financial starting in 2000, then a decade at Wells Fargo before joining Stifel. Wolfe’s career mirrors that trajectory, while Kauffman entered the industry in the mid‑1980s and spent roughly 27 years with Raymond James before moving to Wells Fargo and later Stifel. Lam started at Citigroup in 1998, moved to UBS in 2007 and met the other partners at Wells Fargo, where they all began collaborating in 2015. Both Kauffman and Lam hold Certified Financial Planner designations.
Earlier this year, the firm attracted a New Hampshire‑based team from Commonwealth Financial Network, a move that coincided with a wave of advisors transitioning to LPL Financial. The Commonwealth group, operating under Financial Strategies Retirement Partners, oversaw about $2.8 billion in client assets, split between private wealth and employer‑sponsored retirement plans.
LPL completed its acquisition of Commonwealth in August 2025, yet the advisors are still working toward a year‑end deadline to migrate to LPL’s platforms. The recruiter roster also includes Arkadios Capital, Cetera and Kestra Financial, all of which have been active in bringing those advisors onboard.
In addition to the new team, the company announced an expansion of its asset‑management offerings for advisors earlier this year. The firm plans to roll out more model portfolios and separately managed accounts, with Private Client Group President Tash Elwyn indicating that advisors can expect further program details within the next 12 to 18 months.
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Such rapid shifts resemble a relay race where each runner hands off the baton without a pause.
The integration of the Pasadena team could strengthen the firm’s foothold on the West Coast, especially given its focus on technology‑driven solutions. If the advisors can leverage the new platform effectively, they may retain existing clients while attracting additional high‑net‑worth individuals seeking modern wealth‑management tools.
This transaction reflects broader consolidation trends in the wealth‑management sector, where larger firms continue to absorb boutique teams to broaden geographic reach and service capabilities.
