Three wealth-management firms—Cetera Financial Group, Raymond James, and LPL Financial—have announced separate advisor hires that collectively bring approximately $1.4 billion in client assets under administration. The moves underscore ongoing recruitment competition among independent broker-dealers and employee channels.
Cetera's Summit Financial Networks community added Rick Bergstrom and his six-person team at 7G Wealth Management in Tallahassee, Florida, who oversee roughly $240 million in assets under administration. Bergstrom previously operated at Commonwealth Financial Network, which was acquired by LPL in 2024. After evaluating LPL as a potential home, Bergstrom and his team concluded the firm was not the right fit and chose Cetera instead.
Bergstrom's practice serves a niche clientele: approximately 80% of his clients are law enforcement officers and other public-sector employees, many of whom receive public pensions. His father was a police officer, a personal connection that shaped the firm's focus. The practice grows almost entirely through referrals within that community, reportedly adding between 130 and 150 new clients annually. Bergstrom, whose two-decade BrokerCheck record includes an earlier stint at Ameriprise, cited the direct-access culture at Summit as a deciding factor, noting the responsiveness of community leader Marshall Leeds and his team.
In Houston, Texas, Michael Hohertz, a Certified Exit Planning Advisor with more than 23 years of industry experience, has joined Raymond James & Associates, the firm's employee advisor channel, along with registered client service associate Hannah Haymark. Hohertz arrives from J.P. Morgan, where he managed $550 million in client assets over 17 years. His practice focuses on corporate executives, private business owners, and high-net-worth individuals, with particular depth in exit planning for business owners navigating ownership transitions.
LPL Financial announced that Michael Stevenson, David Johnson, and Nikko Gronhovd of Soundview Wealth Management have joined its broker-dealer and registered investment advisor platform. The trio reported serving approximately $600 million in advisory, brokerage, and retirement plan assets and previously operated at D.A. Davidson. Based on a multi-generational service model, the Soundview team works with individuals and families across all life stages. The team's move follows a pair of sixth-generation Wyomingites who departed D.A. Davidson in March to launch their own practice.
These moves come amid a broader trend of advisor mobility. According to a recent report from Dispatch, advisor transitions rose 16.2% year-over-year, with firms like Cetera and LPL actively recruiting from competitors. Cetera's string of conversions from LPL and Commonwealth includes a pair of movers last week who collectively managed more than $390 million. Meanwhile, LPL has been aggressive in recruiting teams, as highlighted in a recent article on LPL recruiting a $1B Ameriprise team.
Bergstrom's decision to join Cetera reflects a broader pattern of advisors seeking platforms that offer direct access to leadership and flexible technology. "When we were originally looking for a broker-dealer, the wholesalers we'd talk to would always tell us the same two names – Commonwealth and Cetera," he said. Similarly, Stevenson noted that LPL's straightforward approach, technology, and platform flexibility were key factors in their decision.
For advisors serving niche markets, such as public-sector employees or business owners, the choice of broker-dealer can significantly impact client service. As Bergstrom put it, "These people sacrifice a lot every day they go to work. Our job is to make sure their retirement is amazing." The moves highlight how firms are tailoring their value propositions to attract advisors with specialized practices.
