Advisor moves: Osaic draws Equitable advisor overseeing $245 million in assets

Osaic notched its first advisor addition for October as a former Equitable advisor joined the firm in Tennessee, while Cetera and Raymond James reeled in defectors from Commonwealth and LPL.

Osaic lands $245 million Tennessee advisor from Equitable

Michael Biggs, a financial advisor in Clarksville, Tennessee, has moved to Osaic from Equitable Advisors with about $245 million in client assets. Executive assistant Sandra Ford moved with him.

Biggs – whose roughly 40-year track record in the industry includes the last 12 at his previous firm, according to his BrokerCheck record – said independence was the deciding factor in his move.

"Joining Osaic gives me the independence I was looking for, backed by the technology, planning resources and support to continue delivering the personalized service my clients expect," he said.

John DiMonda, who heads the advisor direct channel at the Scottsdale, Arizona-based firm, said Biggs's client focus fits Osaic's model. "His dedication to serving clients, combined with Osaic's commitment to helping advisors succeed on their own terms, creates a strong foundation for continued success," DiMonda said.

Osaic touted its recruitment efforts with other recent additions over the summer, including Midwest Financial Group in Wisconsin, IronGate Services in Iowa and O'Reilly LLC's full-circle succession move in Missouri.

Commonwealth departures keep Cetera recruitment busy

Cynthia Doussard, who runs Doussard Financial in Burlington, Washington, has joined Cetera's Summit Financial Networks community with about $235 million in assets under administration.

She spent 24 years with Commonwealth and has been in the industry for close to three decades, according to an announcement from Cetera on Wednesday.

"If Commonwealth wouldn't have sold to LPL, I never would have left," Doussard said, echoing comments previously shared by other Commonwealth-turned-Cetera advisors.

Read more: A year after sale, Commonwealth Financial and LPL start cutting staff

Her practice serves clients across Northwest Washington, many with ties to the region's oil refineries. It concentrates on retirement income planning, including pension and 401(k) rollovers. Dousard is joined by two support staffers, and a third team member is studying for a securities license, with the aim of becoming the practice's second advisor.

"Cynthia has earned the trust of tough blue-collar workers whose financial means come from doing difficult and dangerous jobs," said Tom Halloran, Cetera's advisor channel leader.

Raymond James adds $170 million Maine team from LPL

Tom Shupe and Lindsey Cameron have joined Raymond James' independent advisor channel, Raymond James Financial Services, adding to the broker-dealer's footprint in the Northeast.

Now operating as Dirigo Wealth Management in Oakland, Maine, the two managed more than $170 million in client assets at LPL. They are joined by client service associate Jillian Guizelinni Fortuna.

The team advises individuals, families and retirees, as well as endowments, foundations and nonprofit organizations.

Shupe is the practice's executive director and has more than 30 years in financial services, including six at his previous firm. Cameron spent seven years at her previous firm.

"Raymond James offers the responsive home office support, advanced technology and experienced leadership that we were seeking," Shupe said.