Competition for experienced advisors remains intense, as four major firms announced a combined $2.4 billion in client assets recruited from rivals. Ameriprise Financial led the pack, landing three teams from RBC Capital Markets with nearly $1.2 billion in assets, while Wells Fargo Advisors added nearly $900 million from three separate firms. Raymond James and Cetera also made notable hires, underscoring the fluidity of the advisor talent market.
Ameriprise's RBC haul
Ameriprise's largest acquisition is the GEN Group, based in Vienna, Virginia, which manages over $750 million. The team is led by private wealth advisor Matt Lanham and financial advisor Amanda Catalina, with support from client service associates Nicole Aguinaldo and Ari Aguinaldo. They will be backed by Branch Manager Jason Crabb, Complex Director Ed Eckenroad, and Regional Vice President Todd Hubley.
In Denver, the Vantage Axia Wealth team brought more than $280 million in assets. Led by certified financial planner Andy Krantz and Corben Gailey, the practice emphasizes financial planning as the foundation of client relationships. Registered client service associate Dominic Occhiuzzo also made the move, with support from Branch Manager Kathleen Drake and Regional Vice President David Spataro.
Chad Lewis, a former Air Force F-16 pilot with 25 years of service, joined Ameriprise in West Des Moines, Iowa, with $160 million in client assets. He will be supported by Branch Manager Jeff Kimball and Complex Director Adam Lukens. The RBC teams cited Ameriprise's technology platform, planning capabilities, advisor support model, and leadership team as key reasons for their switch.
Wells Fargo's cross-firm recruiting
Wells Fargo Advisors extended its footprint across Massachusetts, Texas, and Florida with three teams totaling nearly $900 million. The largest is the Halloran Dooley Investment Group, led by Kevin Halloran, John (Ryan) Halloran, and Michael Dooley, which joined from Santander Securities in Beverly, Massachusetts, with nearly $400 million. Mark Southwell moved from Raymond James in McAllen, Texas, with nearly $300 million, accompanied by client associate Thelma. Lester Ernest joined from Truist Investment Services in Orlando, Florida, with more than $200 million.
Raymond James gains UBS duo
Raymond James, which lost Southwell to Wells Fargo, added a New Jersey pair from UBS Financial Services. Peter Q. Morris and Kenneth “Ken” Montal, who managed $245 million at UBS, joined Raymond James & Associates in Paramus, according to North Atlantic Regional Director Tony Barrett. The team now operates as The Compass Group of Raymond James, serving business owners, retirees, pre-retirees, and clients with sudden wealth. They are joined by client service associate Jessica Sanchez. Morris, a managing director with over 30 years in the industry (15 at UBS), and Montal, a senior vice president with over 43 years of experience, cited the firm's technology and private wealth capabilities. Their departure adds to UBS's retention challenges as it seeks to build a stronger U.S. wealth footprint.
Cetera recruits women-focused practice
Cetera welcomed Michele Johnson, a certified financial planner, who moved her practice, Elevated Wealth Solutions, from LPL to Cetera. The Willoughby, Ohio, practice oversees approximately $80 million in assets under administration and aligns with Prosperity Advisors, one of the largest businesses in the Cetera Advisors community. In 2023, Cetera made a strategic minority investment in Prosperity Advisors, which at the time was a 170-member OSJ with $1.7 billion in assets. Johnson founded Elevated Wealth Solutions in 2023 with an emphasis on retirement strategies, income replacement, and wealth planning. Office manager Alison Marrie handles daily operations. Johnson, who was with LPL for eight years, sought stronger support and broader resources, including tax and 401(k) planning tools, and a sense of community. “The practice where I got my start in this business felt like a family, and that’s what I was trying to recreate,” she said.
The moves reflect a broader trend of advisors seeking platforms with robust technology and support. For more on recent recruiting, see LPL, Raymond James, RBC recruit $1.6B and Wells Fargo FiNet recruits $580M Ameriprise team. The competition for top talent is unlikely to ease, as firms continue to offer lucrative deals and enhanced resources.
