Two advisory practices have switched broker-dealers this week, with Cetera Financial Group and Raymond James & Associates each announcing new additions to their advisor rosters. The moves bring a combined $550 million in client assets to the firms.
Cetera Financial Group welcomed Douglas Morey, founder and president of MTI Financial Advisors, along with colleagues Christopher Bayliss and Thomas Scheck. The trio joins Cetera's Summit Financial Networks community after departing Osaic, where they oversaw approximately $350 million in assets under administration. Their client base spans more than 20 states.
MTI operates from Edina, Minnesota, with a secondary office in Florida. Morey founded the practice in 1988 and has worked from the same Edina location since 1991, a continuity the firm treats as central to its identity. The practice focuses on high-net-worth families, business owners, and those approaching or in retirement, offering estate planning, tax-efficient wealth transfer, and multigenerational financial strategies. More than 80% of MTI's revenue comes from fee-based advisory work.
The firm's broker-dealer history traces back to Investacorp, a small independent shop that matched MTI's preference for personalized, relationship-driven service. Investacorp was absorbed into larger organizations over the years, eventually becoming part of Osaic. Cetera's network spans roughly 12,000 financial professionals and institutions across a five-channel affiliation model. As of March 31, the firms under its umbrella managed approximately $630 billion in assets under administration and $296 billion in assets under management.
Separately, Raymond James & Associates has brought on advisors C. Drew Arney and Grant Watson III in Roanoke, Virginia. The pair joins RJA's employee advisor channel from Truist Investment Services, where they had managed more than $200 million in client assets. Now operating as The Arney Group of Raymond James, the team works with individuals, families, and business owners on financial planning. Registered client service associate Anne Mullen has also joined the group.
Arney, a senior vice president of investments, holds the CFP designation and entered the profession in 2004 after earning a Bachelor of Business Administration in accounting from Longwood University. Watson joined the practice in 2024 as a financial consultant, having graduated from Virginia Tech with a degree in accounting and finance.
These moves continue a trend of advisor teams shifting between broker-dealers, often seeking more favorable platforms or support. For more on recent advisor movements, see LPL, Raymond James, Cetera Recruit Teams with Combined $828M in Client Assets and Raymond James Lures $620M Stifel Trio; Ameriprise, LPL Poach Edward Jones Advisors.
