Team of 16 advisors with $1.5B AUM switch firms to build on 14-year growth

Team of 16 advisors with $1.5B AUM switch firms to build on 14-year growth
The firm, founded in 2009 during the financial crisis, is ready for its next phase.
AUG 22, 2023

A team of 16 advisors and 12 support staff are changing their affiliation to build on the substantial growth they have enjoyed over the past 14 years.

Watermark Wealth Management has offices in Scottsdale, Chandler and Payson, Arizona, and Minneapolis, Minnesota, and was founded in 2009 during the financial crisis by partner and director of estate planning, Carmen Cercone, and partner Kyle Richardson.

The firm is switching from Kestra to LPL Financial’s broker-dealer, RIA and custodial platforms having seen AUM grow from $230 million to $1.5 billion.

“Our goal has always been to encourage organic growth by recruiting advisors who have demonstrated high ethical moral practices and are committed to putting clients first,” said Cerrone. “We are a one-stop shop and work with other professionals and centers of influence to help ensure our clients’ financial needs are addressed.”

As well as the two founding partners, Watermark Wealth Management’s leadership team also includes Aaron Gordon, Rich Liberante and Jake Cercone.

LPL attracted 268 advisors to its various channels in the three months ended in June, according to the InvestmentNews Advisors on the Move database.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.