Independent broker-dealers continued their aggressive recruitment push in early October, with Osaic, Cetera, and Raymond James each announcing significant advisor additions. The three firms collectively brought on advisors overseeing roughly $650 million in client assets, underscoring the competitive landscape for experienced talent.
Osaic lands Tennessee advisor with $245M
Osaic announced its first advisor hire of the month: Michael Biggs, a Clarksville, Tennessee-based advisor with approximately $245 million in client assets, has joined from Equitable Advisors. Biggs, who has spent 40 years in the industry and the last 12 at Equitable, cited the appeal of independence as a key factor in his decision. His executive assistant, Sandra Ford, moved with him.
John DiMonda, head of Osaic's advisor direct channel, said Biggs's client-centric approach aligns with the firm's model. Osaic has been active in recruitment, adding Midwest Financial Group in Wisconsin, IronGate Services in Iowa, and O'Reilly LLC in Missouri over the summer.
Cetera continues Commonwealth recruitment streak
Cetera added Cynthia Doussard, who runs Doussard Financial in Burlington, Washington, to its Summit Financial Networks community. Doussard brings about $235 million in assets under administration and joins after 24 years at Commonwealth, extending Cetera's pattern of attracting Commonwealth advisors. Her practice focuses on retirement income planning, including pension and 401(k) rollovers, and serves clients in Northwest Washington, many connected to the region's oil refineries.
Two support staffers joined Doussard, and a third team member is pursuing a securities license with the goal of becoming the practice's second advisor. Tom Halloran, Cetera's advisor channel leader, praised Doussard's ability to serve blue-collar clients who have earned their wealth through demanding work.
Raymond James adds Maine team from LPL
Raymond James bolstered its Northeast presence with the addition of Tom Shupe and Lindsey Cameron, who have joined its independent advisor channel, Raymond James Financial Services. The two managed more than $170 million in client assets at LPL and now operate as Dirigo Wealth Management in Oakland, Maine. They are joined by client service associate Jillian Guizelinni Fortuna.
Shupe, the practice's executive director, brings over 30 years of financial services experience, including six at LPL. Cameron spent seven years at her previous firm. The team serves individuals, families, retirees, and institutional clients such as endowments and foundations.
These moves reflect a broader trend of advisor mobility, with firms like Raymond James, UBS, and Ameriprise collectively recruiting billions in assets. Meanwhile, Cerity Partners' recent acquisitions show that RIAs are also competing for talent. As the industry evolves, advisors continue to seek platforms that offer independence, robust technology, and support for client service.
