Osaic has shifted Gateway Investments, a Garden City, New York-based practice managing approximately $1.5 billion in client assets, from its independent contractor channel to the firm's W-2 employee model, known as Empowered Independence. The move, announced this month, underscores Osaic's push to offer advisors a hybrid structure that blends autonomy with institutional support.
Gateway Investments, led by managing director Thomas Santucci, had operated under Osaic's independent contractor platform since 2004. The team now includes six advisors. Santucci, whose FINRA record spans 30 years and includes stints at Salomon Smith Barney and UBS, said in a statement that the transition will allow the practice to devote more time to client relationships and invest in the next generation of advisors. Osaic's Empowered Independence channel provides enhanced operational infrastructure and technology, reducing back-office burdens.
Cindy Hamel, head of the Empowered Independence channel at Osaic, noted that the Gateway move aligns with broader advisor demand for platforms that combine independence with robust firm support. Osaic has added more than $2 billion in assets to its W-2 unit this month alone, including a similar switch by Pointes North Wealth Management. The firm continues to refine its recruiting strategy amid ongoing leadership changes, as reported in Osaic's Head of Recruiting Departs Amidst Ongoing Leadership Shakeup.
Raymond James Welcomes $400M Merrill Lynch Duo in Kentucky
Raymond James has added advisors Seth Lawless and Charters "Jay" Osborne, who previously managed approximately $400 million in client assets at Merrill Lynch. The pair have joined Raymond James & Associates, the firm's employee channel, and are operating as Osborne Lawless & Associates out of Lexington, Kentucky.
The team also includes client relationship consultant Rob Mitchell and senior registered client relationship associates Karie Howard and Lee Ann Myers. They focus on multigenerational families, business owners, health care professionals, and retirees. The group was named a 2026 Forbes Best-in-State Wealth Management Team. Lawless, a senior vice president of wealth management with over 15 years of experience, cited Raymond James' technology platform as a key factor in the move. Osborne brings 25 years of industry experience and is described as a second-generation financial advisor.
Raymond James has been active in recruiting, as seen in Raymond James Hires Vanguard's Seth Ford as Chief Architect to Lead AI Expansion, signaling its focus on technology and talent.
RBC Adds $542 Million UBS Team in Philadelphia Market
The Banks Carter Group has left UBS to join RBC Wealth Management's Mount Laurel, New Jersey, branch. The five-person team managed $542 million in client assets at UBS and serves the Philadelphia market.
The team is led by Bill Banks, managing director and senior portfolio manager, and Sean Carter, senior vice president and portfolio manager. They are joined by associate vice president Rory Banks, senior registered client associate Jasmine Richardson, and client associate Jennille Garcia. The group collectively claims nearly 100 years of combined experience in financial services.
Philadelphia complex director Scott Ceniccola said the addition enhances the branch's wealth planning and portfolio construction capabilities. RBC continues to expand its presence in the Northeast, leveraging its employee advisor model to attract experienced teams.
These moves reflect ongoing advisor mobility, with firms like Osaic, Raymond James, and RBC competing for top talent. For more on industry trends, see Dispatch Launches Advisor Transitions Platform to Automate Firm Moves, Citing 16.2% Rise in Advisor Mobility.
