Advisor moves: Cetera's Commonwealth pitch draws public sector-focused veteran

Cetera scoops $240M LPL advisor serving public-sector workers

Rick Bergstrom and his six-person team at 7G Wealth Management in Tallahassee, Florida, have joined Cetera's Summit Financial Networks community, bringing approximately $240 million in assets under administration.

Bergstrom previously operated at Commonwealth, which was acquired by LPL last year. After evaluating LPL as a potential landing spot, he and his team concluded the firm was not the right fit and instead chose Cetera.

Bergstrom operates something of a niche practice, where roughly 80% of clients are law enforcement officers and other public-sector employees, many of whom receive public pensions. His father was a police officer, a personal connection that shaped the firm's client focus. The practice grows almost entirely through referrals within that community, reportedly adding between 130 and 150 new clients annually.

"These people sacrifice a lot every day they go to work," he said in a statement. "Our job is to make sure their retirement is amazing. They're not heart surgeons or professional athletes, but when you pair a pension with a long-term, growth-oriented investment strategy, you can absolutely build generational wealth."

Bergstrom, whose two-decade BrokerCheck record includes an earlier stint at Ameriprise, said the Summit community's direct-access culture was a deciding factor. He cited the responsiveness of Summit community leader Marshall Leeds and his team as comparable to the environment he had valued at Commonwealth.

"When we were originally looking for a broker-dealer, the wholesalers we'd talk to would always tell us the same two names – Commonwealth and Cetera," he said.

Bergstrom joins Cetera's steadily growing string of conversions from LPL and Commonwealth, including a pair of movers last week who collectively managed more than $390 million. 

JPMorgan veteran managing $550 million joins Raymond James

In Houston, Texas, Michael Hohertz, a Certified Exit Planning Advisor with more than 23 years of industry experience, has joined Raymond James' employee advisor channel, along with registered client service associate Hannah Haymark.

Hohertz arrives at Raymond James & Associates from J.P. Morgan, where he managed $550 million in client assets over 17 years.

Hohertz's practice focuses on corporate executives, private business owners and high-net-worth individuals – with particular depth in exit planning for business owners navigating ownership transitions.

"Raymond James offers the kind of environment where I can build my business while staying focused on client needs," Hohertz said.

LPL lands $600M team from D.A. Davidson

LPL announced that Michael Stevenson, David Johnson and Nikko Gronhovd of Soundview Wealth Management have joined its broker-dealer and registered investment advisor platform.

The trio reported serving approximately $600 million in advisory, brokerage and retirement plan assets and previously operated at D.A. Davidson.

Based on a multi-generational service model, the Soundview team works with individuals and families across all life stages. 

The Soundview team is coming to LPL after a pair of sixth-generation Wyomingites departed D.A. Davidson in March to launch their own practice.

"From the start, LPL's approach was straightforward," Stevenson said in a statement. "They walked us through their technology, the flexibility of the platform and how it supports the way we want to work with clients."

Johnson described the practice as differentiated by the longevity of its client relationships. "We've been fortunate to be part of a practice where many relationships span generations, allowing us to work with families across all stages of life," he said.