Three major independent broker-dealers disclosed advisor recruitment moves on Tuesday, collectively adding teams that manage roughly $828 million in client assets. The hires span the Washington, D.C., Atlanta, and Midwest markets, reflecting continued competition for experienced advisors and their books of business.
LPL Financial Gains $230M Team in D.C. Suburbs
LPL Financial announced that Darren Colananni has joined its broker-dealer and registered investment advisor platforms. Colananni simultaneously launched Allegia Wealth Management, based in the Washington, D.C., suburbs. He previously oversaw approximately $230 million in advisory, brokerage, and retirement plan assets at Centurion Wealth Management.
The firm name Allegia combines the names of Colananni’s daughters, Ali and Gia, and his grandmother Alice. Colananni cited LPL’s technology investments and support model as key factors in his decision to move. The addition continues LPL’s aggressive recruiting pace; earlier this year, the firm recruited a UBS veteran with $250 million in assets, as previously reported.
Raymond James Adds Atlanta Trio from Merrill Lynch
Raymond James & Associates, the firm’s employee advisor channel, welcomed a three-advisor team from Merrill Lynch in Atlanta. Christopher C. Gabriel, Bruce “Taylor” Burns, and Kelly Johnson now operate as Fundamentum Advisors of Raymond James, overseeing $408 million in client assets. The team serves families, individuals, business owners, endowments, foundations, nonprofits, and family offices.
Gabriel, a senior vice president who began his financial services career in 1999 and joined Merrill Lynch in 2009, authored the 2024 book WISEgenerosity. Burns entered the industry in 2019, and Johnson, whose background includes nonprofit management and philanthropic planning, has been part of the Fundamentum team since 2022. The group is supported by senior registered client service associate Tina Bass and client service associate Kendall Hoskins. Raymond James has been actively expanding its advisor force, recently hiring Vanguard’s Seth Ford as chief architect to lead AI expansion, as noted earlier.
Cetera Attracts Former Commonwealth Advisors
Cetera Financial Group announced the addition of David Cushard and Wesley E. Mullins, along with their practice Honeycomb Wealth Advisors, which manages approximately $190 million in assets under administration. Cushard and Mullins, co-founding partners with more than 65 years of combined industry experience, spent the bulk of their careers at Ameriprise before moving to Commonwealth Financial Network.
Their firm maintains offices in Jackson, Michigan, and Tallahassee, Florida. Joining them are advisors Jeff Sirola and Justin Pruitt, along with dedicated support staff. The move follows a broader trend of advisor migrations; Cetera, Osaic, and Ameriprise collectively recruited $950 million in combined assets from Commonwealth, LPL, and Thrivent, as reported.
The three announcements underscore the ongoing recruiting intensity among independent broker-dealers, as firms compete for experienced advisors and their client relationships. With total assets under administration in the independent channel continuing to grow, such moves are likely to persist as advisors seek platforms that align with their business models and growth ambitions.
