Competition for experienced financial advisors continued to intensify this week, with several wealth management firms announcing hires who collectively represent billions of dollars in client assets.
Leading the latest round of moves, multi-family office Cresset expanded its West Coast presence with the addition of a veteran advisory team overseeing roughly $2 billion in client assets to its San Francisco office.
Heather Pelant joined the firm as managing director and wealth advisor, bringing more than two decades of experience working with ultra-high-net-worth families. Prior to the move, she advised on complex multigenerational wealth strategies and philanthropic planning for affluent clients.
In announcing the hire, Cresset president Susie Cranston emphasized the firm’s focus on serving increasingly sophisticated client needs, saying, “Cresset was built from the ground up to serve families with increasingly complex financial lives.”
Pelant is also co-founder of Project Worth, an initiative designed to build women’s capabilities related to money, investing, and wealth management.
Raymond James added another Commonwealth Financial Network team and strengthened its presence in Iowa with the addition of financial advisors collectively managing more than $400 million in assets to its West Des Moines branch.
Advisors Michael Compiano, ChFC, CLU, RICP, and Dan Porter, CFP, are joined by registered financial assistant Shelly Kooiker and office manager Meghan Workman.
The incoming group joins at a time when regional recruiting competition has intensified, particularly among firms seeking advisors who want greater operational independence paired with broader planning resources. Raymond James highlighted its continued investment in advisor support and technology as part of its broader growth strategy.
Industry observers have increasingly noted that midwestern markets, once considered relatively stable from a recruiting standpoint, have become more active battlegrounds as firms pursue experienced teams outside traditional coastal hubs.
LPL Financial added industry veteran Michael Dworetsky through Lighthouse Private Wealth, who joined from StoneX where he reported managing approximately $200 million. He has spent decades advising clients on retirement and investment planning, said the firm’s infrastructure played a decisive role in his move.
“LPL’s reputation as a first-rate firm with strong technology and advisor support made the decision even easier. With LPL behind us, I know my clients will be cared for not just today, but for generations to come.”
His arrival reflects a broader trend of late-career advisors affiliating with independent platforms that offer succession flexibility alongside technology investments aimed at improving client experience.
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.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
