Raymond James scoops up $265M advisor in Pennsylvania

Raymond James has gained another foothold in the Northeast as it welcomes a seasoned financial advisor in Pennsylvania. The firm announced Monday that its independent advisor channel, Raymond James Financial Services, has welcomed Martin Lutschaunig to its Northeast division.

Lutschaunig, who leads Lutschaunig Wealth Management as president, brings a wealth of experience and a three-decade track record in the industry.

Before his move to Raymond James, Lutschaunig was associated with Janney Montgomery Scott, where he reportedly managed around $265 million in client assets.

Prior to that, he spent some three decades at Merrill Lynch, where he served as senior vice president. Lutschaunig got his start in the financial services industry as a senior accountant at Deloitte & Touche.

Supported by branch manager Patricia Niles, he currently offers tailored strategies and impartial advice to a diverse clientele at his Yardley, Pennsylvania-based practice, including health care professionals, female investors, and retirees.

“Raymond James has a rich history of putting clients first, which was our top priority in choosing a firm,” Lutschaunig said in a statement, praising the firm’s “sophisticated platform with freedom and flexibility.”

Lutschaunig is making the transition to RJFS shortly after the firm welcomed a $450 million advisor trio in Florida, who came over from Merrill Lynch.

Prior to that, the independent wealth giant also welcomed a $123 million Texas-based practice, VistaCrest Financial, led by a veteran advisor previously with Edward Jones.