Severn Wealth Management, an Annapolis, Maryland-based advisory practice with approximately $160 million in assets under administration, has affiliated with Cetera Financial Group through its Summit Financial Networks channel.
The team, which was previously affiliated with Commonwealth Financial Network, was founded in 1988 by Steven Roth, CLU, and Wilson Phipps. Financial advisor Brian Phipps and client services coordinator Maggie Phipps round out the four-person practice, which takes its name from the Severn River that runs through Annapolis near the U.S. Naval Academy.
"It's not just a move to a new broker-dealer, it's establishing a long-term relationship with a partner that's going to help us grow," said Brian Phipps.
The firm's structure reflects its emphasis on continuity and client-centric service.
Wilson Phipps pointed to the role of Maggie Phipps, who handles client services, as central to the practice's identity, noting she is "more critical than we are because our clients just love her."
The addition of Severn Wealth Management is a small but illustrative data point in Cetera's broader growth story.
The San Diego-based firm reported approximately $688 billion in assets under administration and $330 billion in assets under management as of June 30, 2026, across roughly 12,000 financial professionals and institutions.
The firm has leaned heavily on its network of affiliation channels including Summit Financial Networks, to attract practices transitioning from regional and national broker-dealers.
Commonwealth Financial Network, where Severn was previously affiliated, has been a notable source of departing teams as independent advisors weigh their options in a consolidating market.
Earlier this year, a group of six wealth management teams, all former affiliates of Commonwealth Financial Network, merged to form a new RIA.
It’s been more than a year since Commonwealth was acquired by LPL Financial. Recently, the firm has begun reducing headcount among back office staff roles, although some of those affected may join LPL. Commonwealth’s former chief digital and information officer jump ship to Janney Montgomery Scott.
Transamerica survey of 7,600 Americans reveals debt, inflation, and caregiving demands are derailing retirement security.
The new AI feature generates instant client portfolio talking points, slashing meeting prep time for advisors.
As Citizens expands its advisory footprint, the bank is also going after wealth trapped inside business ownership
The Forbes rankings are highly sought after by some advisors and firms for marketing purposes.
Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
