Winding down what's been a busy month of advisor movement in January, Cetera has added yet another Commonwealth veteran to in Kentucky, while Osaic and Wells Fargo add to their own networks of independent advisors.
Cetera has brought on Northern Kentucky advisor Jamie Hatfield, who spent 13 years with Commonwealth Financial Network and oversees about $170 million in assets under administration. Hatfield and his Jamie L. Hatfield Wealth Management team are joining Summit Financial Networks, one of Cetera’s communities for independent advisors.
The practice includes financial advisor Ty Sauer and two wealth management assistants, Jennifer Goodridge and Meg Brinker.
Describing his practice as “mom-and-pop while at the same time being state-of-the-art,” Hatfield framed his move as an effort to preserve a high-touch client experience while plugging into broader capabilities and support.
With 35 years in the industry, Hatfield has built his book around long-term relationships with what he calls the “millionaire next door,” focusing on comprehensive planning, retirement strategies and being a first call when financial or technology questions arise.
Hatfield's entry at Cetera marks the latest in a string of defections coming from Commonwealth, which was acquired by LPL in a deal announced last March. As one recent report has it, LPL has managed to maintain just a 77% retention rate from that acquisition, in contrast to its 90% target declared in August, though it remains unclear how comparable those two numbers are.
Osaic announced Brooklyn-based advisor Chris Livingston has affiliated with the firm and joined Oakfield Wealth Management Group, an Osaic-affiliated team led by private wealth advisor Anthony Macaluso.
Coming from Santander Securities, Livingston brings more than 25 years of industry experience and about $164 million in assets under administration.
The move to Osaic and Oakfield reflects his shift toward an independent practice model, paired with access to a larger platform, technology, and a broader advisor community.
“Moving to Osaic and joining Oakfield Wealth Management allows me to deliver truly independent advice while leveraging the resources, technology and support of a leading wealth management platform,” Livingston said, calling the arrangement “the best of both worlds.”
Osaic positions its platform as a flexible home for independent advisors at different stages of their business, highlighting growth support and succession planning tools.
Livingston’s arrival follows several other recruits seeking independence with scale through Osaic, including Sanders Wealth Management, REVUP Private Wealth, and Pilot Rock Financial Advisors.
Wells Fargo Advisors Financial Network, the wirehouse's independent broker-dealer channel, is closing out January with several new affiliates that together oversee more than $1.3 billion in AUM.
Most recently, Houser, Plessl & Staples Wealth Management Group in Allentown, Pennsylvania, joined FiNet from Ameriprise. Advisors Kevin Houser, Gary Plessl and Matthew Staples collectively manage more than $530 million in assets and are supported by a nine-person staff.
On the same day, Houston-based advisor Paolo Thompson affiliated with Merritt Point Wealth Advisors, a FiNet practice, from Raymond James. Thompson oversees more than $400 million in assets and is joined by Jared Mitchell.
Earlier in the month, Lakeview Partners – led by Brandon Larson and Todd Hanneman – hopped over from UBS on Jan. 7. That team, which includes Nicholas Larson, Karen Larson and Morgan Vondrachek, manages more than $400 million in assets.
John Tyers, president of FiNet, said advisors weighing independent broker-dealers are increasingly focused on scalable technology, business control and access to private wealth capabilities.
Highlighting the “technology that scales, flexibility that enables [advisors to take] control of their business, and access to sophisticated private‑wealth capabilities," he said the channel is “thrilled to have this impressive group affiliate.”
FiNet's recruitment tear builds on two earlier moves this month – Infinity Private Wealth and KBK Wealth Management – which together brought in another $3.1 billion in assets.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
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