In a busy week for advisor moves, Osaic, Raymond James, and Kestra PWS have all picked up new recruits.
Meanwhile, a duo who were wirehouse breakaways a decade ago and have been collectively managing $1 billion in client assets, have launched a new firm to further deepen their independence.
At Osaic, Simplified Wealth Management has joined from LPL Financial, led by co-founder and managing partner Kenichi Igarashi, and co-founder and executive vice president Aaron Johnson. Simplified is based in Corona, California, and the team collectively managing $315 million in client assets also includes advisors Cory Leckie and Joshua Mason.
The move from LPL to Osaic has also recently been made by $275 million AUM family firm Providence Wealth in Southern California, although a $175 million team also made the reverse journey in Mississippi.
Joining Raymond James & Associates in Stuart, Florida, is advisor duo Martin “Marty” Sloane, CFP, and Thomas “Tom” Sloane, along with senior registered client service associate Deborah Vincent.
The team joins Raymond James’ employee advisor channel from UBS where they managed approximately $320 million in client assets. Marty Sloane, who is Tom’s father, started his career 41 years ago at UBS and his son joined the firm two years ago.
Raymond James has recently seen a flow of advisor teams joining its independent advisors channel including several big-money teams from Commonwealth.
At Kestra Private Wealth Services affiliate Kindred Wealth Partners, $185 million AUM advisor Tim Semke, CFP, has joined with more than 25 years of industry experience.
Most recently he was with The Ayco Company LP (now Goldman Sachs Ayco) as vice president of financial counseling. Before his 22 years with Ayco, Semke was with Federated Investors as a mutual fund tax analyst, and he began his career at Arthur Andersen’s SALT consulting group.
He joins the community of independent financial professionals with Pennsylvania based Kindred.
Former Merrill Lynch breakaways Charles Andriole and Robert DeLucca have decided to deepen their independence journey, 10 years after they left the wirehouse.
Having spend the last decade as The Andriole Group at Hightower, collectively managing $1 billion in client assets, the duo has founded Granite Islands Private Wealth, LLC, as an independent advisory firm.
Supported by tru Independence, the firm is headquartered in Guilford, Connecticut, but has clients across the US and beyond, and the founders are joined by Michele Arsenault as operations manager and Lorenzo P. Gaudioso CFP, C(k)P, CRPS as wealth advisor, retirement plan advisor.
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.
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