Advisor recruiting activity remained elevated this week as Wells Fargo's FiNet channel, Cetera, and Janney Montgomery Scott each announced significant additions. The largest move involved a seven-person team managing over $1 billion in client assets departing Truist Wealth Management to join an established FiNet practice in South Florida.
The group, now operating under Merrit Point Wealth Advisors, includes executive managing directors and partners Mark Elliot, Scott Friedman, Darren Dawson, and John Kent. They are joined by vice president John Henry Kent, operations specialist Kimberly Benko, and senior associate Jose Mercy. Merrit Point, headquartered in Old Greenwich, Connecticut, now runs seven offices across Connecticut, New York, Texas, and Florida following the tuck-in. The firm's growth strategy centers on attracting established advisory teams seeking entrepreneurial control while leveraging shared infrastructure, technology, and capital. That model is supported by Merchant Investment Management, which has backed several similar transitions this year.
In Massachusetts, Edward Duffy ended a 32-year affiliation with Commonwealth Financial Network, moving his Lexington Financial practice—which reports roughly $608 million in assets under administration—to Cetera. Duffy's Braintree-based team includes advisors John Walsh and William Creesy, along with several staff members, including two of Duffy's children in coordinator roles. Walsh's son, John F. Walsh Jr., also serves as a client service associate. The departure follows Commonwealth's acquisition by LPL, a move that has prompted other defections. Despite this, Commonwealth remains the top-ranked independent advisor firm in a new J.D. Power survey released Thursday, with LPL and Raymond James taking second and third place. Duffy prioritized continuity, retaining Fidelity's National Financial Services for custody and clearing along with third-party technology tools built over three decades.
Janney Montgomery Scott expanded its Radnor, Pennsylvania, office with four financial advisors managing more than $630 million in client assets, all from Wells Fargo. The group includes managing director Kirk Stensrud, head of the Stensrud Wealth Management Group—previously a Wells Fargo Advisors Profit Formula Team—alongside advisor James Flaherty and senior private client associate Sindy Young. Two other ex-Wells Fargo advisors, Yale Joseph and Kenneth Mintz, also joined the Radnor location. Complex director Michael Hassell attributed the additions to Janney's advisor-first culture and collaborative environment, themes that have recurred in the firm's recruiting announcements this year. Janney, acquired by KKR from Penn Mutual in 2024, recently reported adding 13 financial advisors overseeing more than $3.5 billion in client assets in the first quarter of 2026.
The moves underscore ongoing consolidation and talent shifts across the independent broker-dealer and wirehouse channels. For advisors, the ability to retain autonomy while accessing institutional resources remains a key draw, as seen in Merrit Point's model. Meanwhile, firms like Cetera and Janney continue to attract wirehouse refugees seeking more flexible platforms. The trend shows no signs of slowing, with recruiting momentum expected to persist through 2026.
For more on how advisors are adapting to industry changes, see our coverage of top-quartile advisors outpacing peers in organic growth and Lido Advisors' recent CFO appointment amid $42.5B growth.
