Two veteran advisors managing $350M in assets have become the latest to leave LPL for Cetera, citing advanced technology and personalized support as key motivators in the move.
Scott Thaxton and Greg Pennini, who spent nearly three decades at LPL, are transitioning their practice, CarrThaxton Financial Group, to Cetera Advisors effective immediately.
The advisory duo manages assets for more than 1,200 client accounts. Thaxton has been registered with FINRA for 30 years, according to his BrokerCheck profile, while Pennini's record is more modest at 16 years.
"Joining Cetera represents a strategic move for our team to better serve our clients," the two said in a statement Monday, citing "the firm's advisor-first culture [and] the depth of resources available to help us grow and innovate."
Cetera has been aggressively courting growth-minded advisors through its GrowthLine program, which the firm values at $150,000 per advisor. The platform combines data analytics, artificial intelligence, and full-service marketing support. Last year, Cetera added what it called an industry-first guarantee: advisors whose assets under administration don't grow at least 38% faster than industry benchmarks over a specified period can recover their affiliation fees.
The pair also cited Cetera's onboarding process as a differentiator, as well as "the ability to engage directly with firm leadership."
The move marks the third team departure from LPL to Cetera in the past few weeks. Last month, tax-focused advisory firm Oestriecher Financial Management Services, which manages approximately $154 million in assets, announced its move, followed shortly by Frank Mezzanotte Jr., a 12-year LPL veteran overseeing more than $126 million in assets.
Beyond that, Cetera has also managed to win over a few defectors from Commonwealth, the elite RIA community of advisors LPL acquired in a surprise deal that was unveiled at the end of March. Seizing on the widely perceived cultural mismatch between the two firms, rival broker-dealers wasted no time wooing Commonwealth's advisors, with Cetera Wealth Management's Todd Mackay posting an open letter directly appealing to them.
In the past few weeks, Cetera officially announced it had recruited the $1.1 billion multifamily office King Financial Network from Commonwealth, as well as financial advisors Shawna Vanaken and Gigi Schneppat.
As of the third quarter, Cetera firms managed approximately $625 billion in assets under administration and $284 billion in assets under management.
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