Advisor moves: LPL nabs $715M team from Cetera's Avantax community

LPL and Fifth Third's recruitment strategies are continuing to bear fruit – with LPL welcoming a Cincinnati-based team from Cetera – while Raymond James' independent advisor channel lost an experienced team to a hybrid RIA in North Carolina.

LPL nabs $715 million team from Cetera in Ohio

On Thursday, LPL Financial welcomed Concentric Wealth Management, a Cincinnati, Ohio-based team led by Patrick Burke and Matt Tarka, to its platform.

The group, which includes several advisors and support staff, reported serving approximately $715 million in advisory, brokerage, and retirement plan assets at their previous firm, Avantax by Cetera.

Concentric Wealth Management, which began as an accounting firm over four decades ago, now serves a broad spectrum of clients, including business owners and retirees, as well as other professional service providers.

“Our approach is collaborative and relationship driven. We work as a close-knit team and take a multifaceted approach to service our clients, with the end goal of providing a sense of clarity and comfort,” Burke said in the announcement. He added that the team aims to build trust and offer personalized guidance at every step. 

Tarka noted that LPL’s technology and alternative investment platform were key factors in the decision. He said the alignment with LPL equips the team “to accelerate our growth while staying rooted in our values.” 

LPL recently extended its reach in Lincoln, Nebraska, where two advisors from Edward Jones and New York Life came together to form their own women-led practice.

Fifth Third Wealth Advisors welcomes billion-dollar team from BNY

Fifth Third Wealth Advisors, the multi-custodial RIA arm of Fifth Third Bank, announced it has expanded its presence in Denver, Colorado, with the addition of a team that previously managed $1 billion in client assets.

The group includes Stephen Starzec, Scott Ulaszek, and Sarah Williamson – who were most recently with BNY, according to their LinkedIn profiles – all joining as managing directors.

According to the firm, the new hires are expected to enhance Fifth Third’s ability to deliver tailored wealth management solutions to clients in the region.

Eric Housman, president of Fifth Third Wealth Advisors, said the team’s leadership and perspective are “an invaluable asset.” He noted that the advisors are committed to putting clients first and bring “deep expertise” to the organization.

FTWA – which announced a new chief investment officer earlier this month – serves clients nationwide and manages more than $6 billion in discretionary assets as of December 2024. The firm continues to actively recruit advisor teams seeking a platform that prioritizes independence and client service.

Hybrid firm Davenport & Company lures indie advisors from Raymond James

Davenport & Company has established a new branch in Durham, North Carolina, with the addition of the Kelly Wealth Management Group.

Advisors Ryan Kelly and Nikolas Pry – whose BrokerCheck records indicate they were most recently affiliated with Raymond James Financial Services for just over a year – along with client service associates Mary Czysz and Kristan Meister, have joined the firm.

Kelly, who has more than 22 years of experience, said the group was drawn to Davenport’s combination of boutique culture and longstanding stability.

“We were attracted to Davenport because the firm offers world class technology and services while maintaining a very boutique profile,” Kelly said. He added that Davenport’s intimate model “has served so many clients well over the decades.”

Davenport & Company, based in Richmond, Virginia, operates 25 locations across four states and is fully employee-owned. The firm reports more than 500 associates, including 215 financial advisors, and provides a range of investment and planning services.