As the second quarter of 2024 draws to a close, three major wealth management firms—LPL Financial, Osaic, and Citizens Private Wealth—have disclosed significant advisor recruitment moves. The additions include a family-led team overseeing more than $500 million in client assets, a 33-year Fidelity veteran launching an independent practice, and a Southern California trio specializing in sports and entertainment clients with approximately $800 million in assets under management.
LPL Financial Welcomes Tribute Financial
LPL Financial has added Tribute Financial, a family-led advisory team previously affiliated with United Planners Financial Services, to its broker-dealer and registered investment advisor platform. The team, led by Kevin Daniels, president and CEO, reported managing over $500 million in advisory, brokerage, and retirement plan assets prior to the transition. Tribute Financial operates offices in Missouri and Connecticut and focuses on multigenerational client relationships across a broad range of financial backgrounds.
Daniels cited LPL's technology infrastructure as a key factor in the decision. “LPL offers the technology and support we need to continue evolving our business while staying focused on what matters most—our clients,” he said. “Having access to enhanced resources allows our team to strengthen our capabilities and position our firm for the future.” The team also includes advisors Martin Nadeau, Zach Daniels, Scott Kearns, and Caleb Sanders.
Fidelity Veteran Goes Independent with Osaic
Brent Holcombe, a wealth management veteran with more than three decades in financial services, has left Fidelity to launch his own independent practice, Chocorua Wealth Management. The new firm is affiliated with Osaic through its largest OSJ, Innovative Financial Group. Holcombe had been registered with Fidelity for roughly 33 years as a broker and investment advisor, according to his FINRA BrokerCheck record.
“Launching Chocorua Wealth Management is the realization of a vision I've had for many years,” Holcombe said. “My goal is to provide clients with personalized advice backed by deep relationships, independence, and access to institutional-level resources.” Brian Heapps, president and CEO of Innovative Financial Group, noted Holcombe’s track record of building trusted client relationships and expressed enthusiasm for supporting his new venture.
Citizens Private Wealth Bolsters Southern California Presence
Citizens Financial Group has added a Santa Monica-based advisor trio from Morgan Stanley to its private wealth business. Operating as Snyder Wald Wealth Partners, David Snyder, Darren Wald, and Trevor Wade previously managed approximately $800 million in client assets. The group serves high-net-worth and ultra-high-net-worth individuals and entrepreneurs, with specialized expertise in the sports and entertainment industries.
Paul Casey, head of Citizens Wealth Management, said Southern California remains a strategic growth market. “Their deep experience working with athletes, entertainers, and other professionals is especially meaningful in a region where these industries are deeply embedded, and strengthens our ability to deliver highly tailored, thoughtful advice,” Casey said. Snyder noted that the move provides access to broader resources across Citizens Private Bank and Commercial Bank.
These moves follow a pattern of heightened recruitment activity across the wealth management industry. Earlier this month, LPL-affiliated Genesis Wealth hired a JPMorgan veteran with $725M, while Osaic lured a $300M team from Wells Fargo. Meanwhile, Cresset hired a Bessemer Trust veteran to lead family office services, underscoring the ongoing competition for experienced advisors.
