The AmeriFlex Group, a Las Vegas-based hybrid RIA and super office of supervisory jurisdiction of Cambridge Investment Research, has recruited a California-based team from Osaic.
Summit Financial & Insurance Services, which manages about $280 million of client assets, joins from Osaic, which AmeriFlex departed last month. The firm is led by Jerry Kleber, Raz Bracha and Leah Pattison.
The hybrid RIA, which was founded in July 2019 by Thomas Goodson, was originally affiliated with SagePoint Financial. That broker/dealer has since been consolidated into Osaic. Goodson said Cambridge was one of the last remaining independently-owned broker/dealers.
“Cambridge stands out as the only truly independent, scaled wealth management platform in our industry that also has a very clear and detailed plan to stay that way,” Goodson said in a statement. “Not only was this transition seamless and expeditious, but momentum is clearly on our side, as less than a month after this process started, we have already welcomed this elite team of advisors with an additional $280 million from another platform to our firm.”
As of last month, AmeriFlex had 129 advisors and approximately $11.87 billion in client assets.
$400M Los Angeles Advisor Joins Raymond James
Jonathan Israel, a Woodland Hills, Calif.-based advisor with over $400 million in client assets, has joined Raymond James & Associates, the firm’s employee advisor channel. He joins from UBS, where he spent the last 14 years, according to BrokerCheck.
Israel’s practice will operate as Legacy Point Wealth Management of Raymond James, with a focus on families and individuals, corporate retirement plans and business owners. He’s joined by registered client service associate Jake Balcom.
LPL Lures $400M Wells Fargo Team to Employee Advisor Channel
LPL Financial has recruited advisors Jared Black and Richard Brokaw to Linsco by LPL Financial, its employee advisor channel. The Cheyenne, Wyo.-based team previously managed about $400 million in assets at Wells Fargo Advisors.
Black and Brokaw have launched Wyoming Asset Advisors Powered by LPL.
Advisors under the Linsco model retain their market-facing identity but are W-2 employees of the broker/dealer. They have access to LPL’s wealth management platform, business resources, branch management support, a dedicated marketing consultant, a technology consultant and a service team.
LPL seeded its W-2 employee model with its 2019 acquisition of Allen & Company, a Florida-based b/d with 30 advisors and $3 billion in managed assets.
In 2022, LPL acquired the private client group of Conshohocken, Pa.-based investment bank Boenning & Scattergood, which included about 40 advisors and $5 billion in brokerage and advisory assets. That firm also joined Linsco.
Osaic Recruits $125M Practice From VALIC
After 16 years at VALIC Financial Advisors, Jason Oestreicher has moved his book to Osaic and launched a new independent practice, PATH Financial Partners, in Fort Lauderdale, Fla.
PATH, which has about $125 million in client assets, has affiliated with Marshall Lee Rosen, an office of supervisory jurisdiction with Osaic. Oestreicher is joined by advisors Nicholas Brown and Travis Rich, and executive assistant Daniel Erazo.
The firm specializes in serving employees of the Florida Retirement System, including educators, healthcare workers and municipal employees.
Oestreicher said he selected Osaic for its culture, technology and scale.
Veteran Advisor Moves to Cetera From LPL
Doug Shepler, a veteran financial advisor with $110 million in assets under administration, has moved to Summit Financial Networks, one of Cetera’s communities within its Cetera Advisor channel. Shepler was previously with LPL for 22 years.
Shepler, who’s based in Fort Wayne, Ind., said he made the transition because he was looking for a higher level of service.
“For too long, I found myself dedicating an unnecessary portion of my day to trying to navigate inefficiencies and technological breakdowns without adequate support,” he said in a statement. “Simple questions frequently turned into 40-minute calls, with long hold times and inconsistent service. I knew my practice deserved better and that it was time for a change.”
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