Some of the country’s largest broker/dealers added financial advisors overseeing a combined $914 billion to their registered investment advisor affiliation channels.
In the past couple of weeks, Cetera Financial Group, LPL Financial and Raymond James have poached from competitors Commonwealth, Edward Jones and B. Riley Wealth, even as they compete in a market with acquisitive RIAs and various RIA platform channels.
San Diego-based Cetera touted the largest win by assets with a seven-person team based in Cleveland advising on $600 million.
Mike Zawtsky leads Oasis Asset Management Group, which left B. Riley Wealth Advisors to join Cetera’s Summit Financial Networks. The group includes four other advisors who have worked together for 30 years and two support staff.
“We talked with several firms, but with Cetera we felt a strong sense of stability because of its size along with the small-firm feel of Summit which provides the boutique services we’re used to, and that was really the final factor in our choosing Cetera and Summit,” Zawatsky said in a statement.
Cetera’s Summit RIA is based in Boca Raton, Fla., and clears with BNY Pershing. The “region” of Cetera was created in 2019 when Cetera rolled up its broker/dealer Summit Brokerage.
LPL Financial, which is also based in San Diego, announced that advisors Jenna Vitosh and Natalie Paige had joined up to launch Chloey Wealth on its RIA platform.
The duo, which will be based in Lincoln, Neb., had been overseeing about $140 million in advisory, brokerage and retirement plan assets, with Vitosh with Edward Jones and Paige with New York Life.
Vitosh is a second-generation advisor, and Paige came to the field after working in medicine. According to the announcement, they met at a networking event five years ago and will specialize in working with young families and pre-retirees.
“We felt very called by the autonomy offered by LPL,” Vitosh said in a statement. “We realized just how independent we really could be, how we could brand ourselves and be able to bring our distinct expertise to our clients while having the confidence and resources of a big name behind us.”
Raymond James, which is based in St. Petersburg, Fla., also added a team to its independent advisor channel with the addition of Lumen Wealth Management, a Reading, Mass.-based wealth firm managing $174 million.
Wealth advisor Gino Molettieri chose Raymond James after being with broker/dealer Commonwealth, now owned by LPL, since 2014. He is joined by his sister Maria Molettieri, a client relationship manager for clients that include families, business owners, pre-retirees, retirees and corporate executives.
Cetera’s five advisor channels oversee about $853 billion in assets under administration and management; LPL has about $1.9 trillion in brokerage and advisory assets; and Raymond James has total client assets of about $1.65 trillion.
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