The October calendar for advisor recruitment is wrapping up on a fairly high note, with &Partners attracting a sizeable Wells Fargo team in Florida jsut after it celebrated a significant growth milestone.
On Friday, &Partners announced the addition of Gerardi Wealth Management, a Boca Raton, Florida-based team led by Vince Gerardi and Tyler Gunderson.
Gerardi, who has spent 32 years in the industry and the past two decades at Wells Fargo Advisors, is known for fostering deep client relationships and a planning-first philosophy.
The team also includes Rich Morgenstern, David Willis, Deb Passalacqua, and Paul Maldonado. Having previously managed $827 million in assets before joining &Partners, the group differentiates itself with a disciplined approach to wealth management, blending evidence-based investing with personalized attention for high-net-worth families.
The move comes shortly after &Partners officially crossed a milestone of 100 advisor practices recruited, with approximately $50 billion in prehire assets and $350 million in revenue as of mid-October.
Another mini-wave of advisors exited Commonwealth Financial Network this week, joining Cetera, Osaic, and Raymond James as they seek platforms that support independence and growth.
Cetera onboarded veteran tax-focused advisor Christian Benard and his Innovative Financial team, based in Troy, Michigan, to its Avantax community. Benard, who oversees about $365 million in assets under administration, integrates wealth management with a robust tax practice.
There was no holding back for Benard, who pointed to LPL's acquisition of Commonwealth as a motivation for his decision to leave after 15 years.
“It’s bittersweet leaving Commonwealth, which we did only because they were acquired,” said Benard, who also cited his business model and client service standards, as well as Cetera’s support for Fidelity’s NFS platform.
In Florida, Osaic added Four Pillars Investment Management, a Cape Coral-based team led by John Evans and bringing $143 million in client assets. The group, which includes Pamela Evans and Jennifer Moss, selected Osaic for its technology, scale, and advisor support.
“Our mission is to help clients protect and grow their wealth with confidence and Osaic’s breadth of products, advanced technology and strong compliance support will allow us to expand how we serve clients,” Evans said.
The move brings Four Pillars together with other recent Commonwealth-turned-Osaic advisor teams including Hinck Private Wealth Management, Virtus Wealth Solutions, and Gallagher Financial Services.
In Dallas, Texas, Raymond James attracted veteran advisor Richard Salmeron to its independent advisor channel, which has apparently been quite magnetic for disenchanted Commonwealth advisors.
Salmeron, who managed $140 million in client assets, said the firm’s resources and technology were a strong fit for his practice’s future. “Its resources and technology let me focus on helping high-net-worth professionals turn success into lasting wealth,” Salmeron said.
LPL is taking the stream of Commonwealth desertions in stride. CEO Rich Steinmeier touted a nearly 80% signup rate among Commonwealth advisors during the company's Q3 earnings call, while maintaining that its 90% retention target is still within reach.
Raymond James has also continued to expand its employee advisor channel by recruiting talent from major wirehouses.
In Virginia Beach, Virginia, J. Morgan Edwards joined Raymond James & Associates from UBS, where he managed over $280 million in client assets. Edwards said the firm’s focus on technology and advisor independence was a key factor in his decision, adding that he is “excited for my clients to experience the same down-to-earth guidance in a more intuitive and user-friendly way.”
UBS' wealth division in the US has been bleeding advisors since it made an unpopular change to its payout grid for this year. It backtracked on that move last month, though it remains to be seen whether that's enough to avoid being pegged as the biggest loser in the 2025 battle for advisor talent.
In Boise, Idaho, Daniel Timberlake and Alexis Howard, formerly with Wells Fargo and managing over $175 million, have joined RJA as Waypoint Financial Partners. Timberlake said the firm’s planning technology and culture support “client-first strategies” that reflect each client’s unique circumstances.
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