Amidst the flurry of recruitment moves coming after the long President's Day weekend, Osaic has scored a double against Ameriprise in two key regions, while Wells Fargo adds an Alabama-based team from UBS while losing a veteran advisor to Cetera in Wisconsin.
Osaic has brought on two former Ameriprise teams overseeing a combined $442 million in client assets, both joining through existing offices of supervisory jurisdiction.
In the Phoenix metro area, Hoyt Jensen & Associates left Ameriprise to affiliate with Undefined Gridlines, an Osaic OSJ. The practice is led by advisors Justin Hoyt, and Jason Jensen and oversees about $190 million in client assets, according to the firm. The team framed the move as a shift toward a more fully independent model while still plugging into a larger platform.
Hoyt cited Osaic's “advisor-centric culture, flexible independence model, robust technology and planning platforms" as a motivation for the move, adding that partnering with UGLI should help them provide “a more customized, forward-thinking experience for clients” while setting up the practice for long-term scalability and succession planning.
On the East Coast, Osaic recruited Westport Private Wealth in Westport, Connecticut, which is joining through New York Financial Partners, another Osaic OSJ. Led by advisors Scott Mastocciolo and Stuart Gollomp, the team manages about $252 million in client assets.
Mastocciolo said the Westport team chose Osaic and New York Financial Partners because their “leadership, vision and experience provide the foundation we were looking for as we build an independent firm focused on long-term growth and exceptional client service.”
Erinn Ford, executive vice president of advisor engagement and co-head of the independent channel at Osaic, said the firm’s platform is built to help advisors grow and plan for the future of their businesses, and that Osaic looks to support teams that want to maintain independence while tapping into scale and shared resources.
The moves in Phoenix and Westport build on recent recruitment wins at Osaic, which include an addition at Oakfield Wealth Management and the launch of F & M Investment Partners.
Wells Fargo Advisors has hired a three-advisor team from UBS in Huntsville, Alabama, adding a group that manages more than $480 million in client assets and brings over 40 years of combined industry experience.
Advisors Jason Schrimsher, Andrew Mann and Miles Stumb joined WFA's Private Client Group division on Feb. 12. Reporting $3 million in team production over the past 12 months, they are supported by staff members LeeAnn Cassingham and Madison Riddle.
The addition continues Wells Fargo’s efforts to rebuild and reshape its advisor force after several years of headline risk and competitive recruiting from rivals.
Steve Meadows, Southern Coast market leader at Wells Fargo Advisors, said in a statement that the firm is “excited to welcome Jason, Andrew, and Miles.” He described the team as having “earned a strong reputation as trusted advisors by taking a thoughtful, goals driven approach with their clients” and said their focus on personalized planning and community leadership makes them a strong fit as they look to grow their practice.
Cetera has recruited advisor Shawn Longley and his Ledgevest Financial team from Wells Fargo Advisors Financial Network, WFA's independent advisor channel, where Longley had been affiliated for 17 years.
Based in Fond du Lac, Wisconsin, the team oversees about $205 million in assets under administration and is joining the Cetera Advisors community.
Longley’s move marks the latest step in a career that has spanned more than two decades at WFA and its predecessor firms, including Wachovia and A.G. Edwards. Roughly six years ago, he shifted into an independent model within the FiNet channel, building a team-based practice focused on long-term client relationships.
Today, Longley works with long-time partners Brian Jones and Lynn Haefs, as well as newer team member James Taylor.
Longley said he and his partners wanted to “get away from the big-bank feeling” as they evaluated their next chapter. In assessing seven broker-dealers and one RIA, they prioritized technology capabilities, flexibility and the ability to continue evolving their practice. Cetera’s technology platform and willingness to keep pace with rapid change were key factors, and Longley said the firm’s openness to advisor feedback on tools was a major differentiator.
"We're always looking for ways to grow, whether that's helping newer advisors expand their business or potentially bringing new advisors into the team," he said in a statement Wednesday, citing growth options through client additions as well as potential acquisition opportunities over time.
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