The independent broker-dealer and RIA giant says it has doubled revenue in five years as it leans on advisor recruiting, acquisitions, and agentic AI.
Previously affiliated with Woodbury, the multi-generational team led by cousins Matthew and Christopher Callero are joining Cetera's tax and accounting specialist community.
The father-son duo, including a US Navy veteran with more than three decades of industry experience, is joining RayJay's independent advisor unit in Virginia.
Deal reflects trend towards tighter focus on advisor expansion rather than burden of IBD model
When reached for comment, Blue Owl co-president Craig Packer wrote to InvestmentNews: "The assertion that the merger is currently being considered for revival is false."
The veteran advisors are bringing $350 million in assets and decades of experience to the giant hybrid RIA in the East Coast.
Meanwhile, UBS to lay off 58 in New Jersey early next year.
Squires said 2025 underscored the resilience of financial advisors and the philanthropic core of the industry, including his own role at the nonprofit Invest in Others.
LPL has taken a minority stake in the $40 billion RIA and OSJ Private Advisor Group, continuing a string of moves from broker-dealers to directly capitalize on assets from independent advisors.
Elsewhere, Indianapolis-headquartered indie Sapient Capital nabbed a $1 billion JPMorgan advisor in a recruitment first, while another duo also left the wirehouse to join Wells Fargo.
The deal will help Edward Jones provide a more comprehensive wealth management offering.
"In general, it's a tough time to be a BDC right now," one senior industry executive said.
An advisor trio has also splintered off from Raymond James to another firm in Florida, while Janney adds $800 million in assets with a double addition.
The O’Shaughnessy Asset Management president told InvestmentNews that volatility is fueling — not slowing — advisor adoption of personalized, tax-managed portfolios, as after-tax returns and transition support become defining competitive advantages.
'Tis the season for wirehouses to roll out pay plans, known as grids, and sing their praises to tens of thousands of employee financial advisors.
"Advisors are not going to like this, obviously," sad a senior industry executive.
Merrill has also nabbed a Morgan Stanley team in Georgia, while Raymond James lured multiple breakaway teams to its employee advisor channel.
Priority Financial Group, with an RIA of $3.1 billion in assets, is moving its broker-dealer operations to United Planners' Financial Services of America, an advisor-owned firm.
Janney has also made its Texas debut with an ex-RBC advisor group, while UBS hires an experienced advisor from Morgan Stanley.
Also, Carson adds an experience advisor from Northwestern Mutual, while Raymond James continues to bolster its independent and employee advisor units.
