A Chesterfield, Missouri-based advisory firm has left LPL Financial to affiliate with Osaic through Millenia Investments, in a transition that both firms describe as a full-circle succession story. O'Reilly LLC, which manages roughly $250 million in client assets, was founded by Michael O'Reilly and is now led by his son, Patrick O'Reilly. The firm has served the greater St. Louis area for more than five decades, catering to private investors, business owners, and ERISA retirement plans.
Patrick O'Reilly joins Millenia Investments as a financial advisor, while Carrie Wyatt comes aboard as a service advisor support specialist. The move gives the practice access to Osaic's OneView consolidated reporting platform, its DirectChoice and Wealth Management Platform investment solutions, and tax planning software aimed at high-net-worth clients. "Millenia Investments shares our commitment to personal service and long-term relationships," Patrick O'Reilly said in a statement. "Through its affiliation with Osaic, we will have access to expanded technology and investment resources."
The transition also reunites two firms with deep personal ties. Michael O'Reilly was an early mentor to Millenia Investments President Stephen Serati and had previously served as his first succession partner before Patrick joined the family business. "Our firms share deep roots in the St. Louis community and a common belief that strong financial guidance begins with trust," Serati said. Millenia is led by Serati and Samantha Estrada, executive manager and registered principal.
This move underscores the growing importance of succession planning in the advisory industry. As noted in a recent analysis, many firm owners are aligning value, liquidity, and succession plans earlier to ensure smooth transitions. The O'Reilly handoff from father to son, with a brief interlude involving Serati, illustrates how such plans can evolve over decades.
In a separate development, Cetera has added Kim Hellerman-Hersman and her family-run practice, Harbor Financial Advisors, along with advisor Bryan T. Fox and their support staff. The team serves clients in more than 20 states and manages approximately $175 million in assets under administration. Hellerman-Hersman spent 24 years at Concourse Financial Group Securities before moving to Commonwealth in 2023. Cetera acquired Concourse in November, a deal completed early last year, bringing several of her former colleagues into the Cetera network.
The team's decision to join Cetera followed LPL's acquisition of Commonwealth last year, a blockbuster deal that prompted many advisors to reassess their affiliations. Cetera won them over with its boutique service model and Fidelity's National Financial Services as a familiar custodial platform. This recruitment is part of Cetera's broader push to attract advisors from Commonwealth, as seen in the recent $3.5B RIA move.
Meanwhile, UBS has hired Financial Advisor Brandon Burleigh in its Hartford, Connecticut office, where he joins the five-advisor Stone Harbor Group. The Hartford office is managed by Gabriel D'Amica, part of the Greater New York Metro Market led by Mara Glassel. Burleigh has been registered in the industry for four years, most recently at Merrill Lynch, and began his career at Northwestern Mutual, according to his BrokerCheck record.
These moves reflect broader trends in advisor recruitment and retention. As advisors eye the $124 trillion wealth transfer, firms are competing for experienced talent and succession-ready practices. The O'Reilly transition also highlights the role of business succession planning in the independent channel, where nearly 11,000 advisors are targeting such opportunities.
