Raymond James hires $5B duo from Zions Direct as LPL nabs another Osaic team

Broker-dealer giants Raymond James and LPL made significant additions Thursday as they officially welcomed advisors from Zions Direct and Osaic to their respective networks.

Big moves at RJA

On Thursday, Raymond James revealed it recently welcomed advisors Scott Burnett and Peter Kelson to its Advisor Select division within Raymond James & Associates, its employee advisor division.

Based in Cottonwood Heights, the duo previously managed over $5 billion in client assets at Zions Direct. With decades of experience serving public entities, corporations, foundations, and endowments, they will join the Salt Lake City branch led by branch manager Scott Hunter.

“Raymond James provides us with the technology and support that is vital to our success. The firm’s focus on advising clients from a holistic financial planning viewpoint truly resonates with our values as advisors,” Burnett said in a statement.

Kelson echoed the sentiment, highlighting the firm's "technology platform and comprehensive back-end support."

Burnett has 43 years of experience in financial services, beginning his career in 1982. Kelson started in the industry in 1998 at Fidelity and worked at Zions Direct for 20 years.

Based on previously managed assets, Burnett and Kelson's move to RJA marks easily the biggest single recruitment to RayJay's Advisor Select this year, which includes a $250 million team of defectors from Edward Jones in October and a $360 million LPL team who made the switch in September.

The move in Utah also comes shortly after another addition to RJA in Kentucky, where the firm welcomed a veteran Merrill Lynch advisor, Carol Heil, who previously managed over $400 million in assets.

Osaic team rebounds to LPL

Also on Thursday, LPL announced it has added Prestige Wealth Group, led by managing partners Rich Galgano and Matt Geraci, to its broker-dealer, RIA, and custodial platforms.

The team, which managed some $540 million in client assets at Osaic, operates out of Franklin Lakes, New Jersey, and Westchester, Pennsylvania.

“Our decision to align with LPL was based on the firm's advanced technology, strategic support, and dedication to empowering advisors to deliver optimal client experiences,” Galgano said in a statement.

Prestige Wealth Group adds to the list of Osaic advisors and teams that defected to LPL this year, which most recently counted a next-gen duo in California and an $800 million veteran team in Ohio.

Apart from Galgano and Geraci, professional partners since 2020 who were also hockey teammates in college, the group includes Chris Rich, Paul Goldman and Alan Concha. Its founder, Mark Fleksher, remains as a consultant.

While the Prestige Wealth team focuses on holistic financial planning, Geraci said it recently made a strategic pivot in its client focus.

“We offer advanced services for all phases of a person’s financial journey, and in recent years we’ve shifted our practice to focus on affluent clients in the high-net-worth space," he said. "We want to be everything to a select few, instead of something to everyone.”