Commonwealth Teams Transition to Cetera, Osaic, Raymond James: Advisor Shifts
The landscape of financial advisory firms is shifting as Commonwealth Financial Network advisors transition to competitors amid its absorption by LPL Financial. Key firms involved in these movements include Cetera, Osaic, and Raymond James, which are attracting numerous ex-Commonwealth advisors.
Commonwealth Teams Transition to Cetera, Osaic, and Raymond James
This week, Cetera Financial Group has successfully onboarded a significant team from Commonwealth. The advisory group, Innovative Financial, is led by Christian R. Benard and has approximately $365 million in assets under administration. Benard has a long history in the industry, beginning his career in 2001 before joining Commonwealth in 2006.
Cetera’s Strategic Recruitment
Based in Troy, Michigan, Innovative Financial specializes in tax planning. This focus made the move to Cetera—a firm that also leverages Avantax for in-house tax advisory—a natural fit. Benard highlighted the advantages of Cetera, stating its ability to provide straightforward communication, which initially drew him to Commonwealth.
Osaic’s Recent Additions
Osaic has also made significant strides in recruiting, adding two notable advisory teams from Commonwealth. Gallagher Financial Services, previously managing $194 million in St. Paul, Minnesota, is led by industry veteran Mark Gallagher. He has been active in the field since 1984 and transitioned to Commonwealth in 1995.
Another team, Four Pillars Investment Management, joined Osaic from Cape Coral, Florida, bringing approximately $143 million managed at Commonwealth. This group is headed by John T. Evans, who began his career at Edward Jones and only joined Commonwealth this year.
Raymond James Welcomes New Advisors
Raymond James has also seized the opportunity to recruit ex-Commonwealth advisors. Kirk Huismann joined from Commonwealth, where he managed $144 million while operating under the Friedline Financial name in Lee’s Summit, Missouri. His career at Commonwealth started in 2022.
Additionally, Raymond James recruited Richard Salmeron, who previously managed $140 million in Dallas. Salmeron has been in the industry since 1990, beginning his career at 1717 Capital Management before transitioning to Commonwealth in 2001.
Impact of LPL Financial Acquisition
As LPL Financial expands, with more than 29,000 advisors, many from Commonwealth are reassessing their positions. Formerly, Commonwealth had around 2,900 advisors. The significant increase in size at LPL raises questions about whether Commonwealth advisors can adapt to the much larger organizational structure and culture.
Conclusion
The ongoing transitions highlight the competitive nature of the financial advisory market. As firms like Cetera, Osaic, and Raymond James expand through the recruitment of experienced advisors from Commonwealth, the industry will continue to evolve rapidly.
