Raymond James, LPL And Commonwealth Recruit Advisor Teams While Cetera Plans To Acquire Securian’s Retail Wealth Business And Schwab Acquires UHNW Membership Network The Family Wealth Alliance
Our latest edition of the Weekly Recruitment Roundup covers three midsized recruitments and two huge acquisitions. In recruitments, we explore Raymond James bringing on New Jersey-based Anchor Financial, LPL Financial adding Washington-based Fenton Wangler Financial and Commonwealth welcoming California-based Core Financial Group.
In acquisitions, we recap Cetera’s plans to acquire Securian’s retail wealth business and Schwab’s acquisition of The Family Wealth Alliance that connects firms serving ultra-high net worth clients.
1. Raymond James Recruits $435 Million Anchor Financial From UBS
Linwood, New Jersey-based Anchor Financial joined Raymond James from UBS. The women-led team includes advisors Jeanne Eisele, Mary Gilbert and Leanne Gray, who oversee nearly $435 million in client assets. Their team also includes client service associate Sarahjane Hehre and branch operations coordinator Bonnie Hehre.
Eisele, Gilbert and Gray have 45, almost 30 and 14 years of industry experience, respectively. Prior to working at UBS, each of them also worked at Merrill Lynch. Eisele and Gilbert have extensive experience managing investments. Gilbert and Gray are Certified Divorce Financial Analysts.
“We were ready to establish a family-style, private office while simultaneously leveraging the resources that Raymond James provides to create the perfect blend of the flexibility of independence with the power, backing and oversight of the home company,” Eisele said in the press release.
To learn more, view the press release here.
2. Cetera To Acquire Securian Financial’s $47.4 Billion AUA Retail Wealth Business
Cetera Financial Group entered into a definitive agreement to acquire Securian Financial Group’s retail wealth business. The deal includes more than 1,000 financial professionals across more than 30 independent firms, representing $47.4 billion in assets under advisement (AUA) and $24.8 billion in assets under management (AUM). They will join as the Cetera Wealth Management Group and operate within Cetera Advisor Networks.
Through the acquisition, Cetera will gain assets related to Securian Financial Services, Inc. – Securian Financial’s broker-dealer, registered investment advisor and insurance agency – in addition to the equity of Securian Trust Company, NA. Furthermore, Cetera and Securian will form a strategic partnership, with Securian Financial distributing its individual life and annuity products through Cetera’s affiliated financial professionals.
“Our Wealth Hub, which uniquely brings choice and flexibility to our financial professionals as well as best-in-class growth capabilities, is complementary and synergistic to Securian Financial’s operating model, and we envision untapped growth potential for the independent financial professionals joining the Cetera network,” Cetera CEO Adam Antoniades said in the press release.
To learn more, view the press release here.
3. Schwab Acquires The Family Wealth Alliance, Whose Members Oversee $500 Billion
Charles Schwab acquired The Family Wealth Alliance (FWA), a membership organization founded in 2003 whose firms have more than 20,000 employees and serve more than 25,000 households in North America. FWA member firms collectively oversee approximately $500 billion in client assets, according to Financial Advisor IQ and Think Advisor.
FWA firms include multifamily offices, external CIOs, prominent wealth management firms, single family offices, as well as family office practices of private banks and law and CPA firms. Schwab Advisor Services and FWA will leverage industrywide relationships, thought leadership and technology to support ultra-high net worth financial professionals and their organizations.
“Joining Schwab opens an exciting new chapter for FWA at a time when the industry is not just growing, but also evolving as new generations of private wealth and the emerging talent who serve them come to the fore,” Tom Livergood, FWA Founder and CEO, said in the press release. “We look forward to expanding the resources and services we can provide and to maintaining a vibrant community for decades to come.”
To learn more, view the press release here.
4. LPL Financial Recruits $300 Million Fenton Wangler Financial
Vancouver, Washington-based Fenton Wangler Financial joined LPL Financial and aligned with the JFC Advisor Network. Eric Fenton and Rodney Wangler, who founded their firm in 2001, previously managed approximately $300 million in advisory, brokerage and retirement plan assets while with Securities America, an Advisor Group firm.
JFC Advisor Network supports more than 300 independent financial professionals across the country, and provides turnkey solutions for program managers in banks and credit unions as well as for advisors affiliated with such financial institutions. JFC’s concierge level of service was part of the appeal for Fenton Wangler Financial, according to the press release.
“LPL invests heavily in its innovative technology, which is critical to keep pace in this ever-changing environment,” Fenton said in the press release. “We recognized that we needed a platform such as LPL’s ClientWorks where everything is connected, making it easier to do business. Our clients will also appreciate Account View, where they can easily view reports and account information in one place.”
To learn more, view the press release here.
5. Commonwealth Recruits $230 Million Core Financial Group
Yuba City, California-based Core Financial Group joined Commonwealth Financial Network from Woodbury Financial Services, an Advisor Group firm. The five-person team is led by Michael Critchfield and Matthew DiGiacomo, who manage over $230 million in client assets.
Founded in 2011, Core Financial Group serves individuals – with a focus on retirees and pre-retirees – as well as families and small business owners. The team identified integration of advisor- and client-facing technology platforms, along with compatible service philosophy and firm culture, as drivers for the move to Commonwealth.
“Core is committed to creating a network of clients similar to how Commonwealth fosters its community of advisors, which makes us a great pairing,” Becca Hajjar, Managing Principal and Chief Business Development Officer at Commonwealth, said in the press release. “We’re excited to welcome them into the fold and support them with integrated technology and flexible support and service to help them realize their vision for growth.”
To learn more, view the press release here.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
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