Two of the largest independent broker-dealers have expanded their advisor rosters this week, with Raymond James & Associates (RJA) adding a veteran team from UBS Financial Services in Ohio and LPL Financial recruiting a multigenerational practice from Cetera in Pennsylvania.
The RJA hire brings a four-person advisory group—Thomas Massey, CPM; Michelle Herman, ChFC, CDFA; Joseph Licate; and John Egan—along with Senior Registered Client Service Associate Lyndsey Fern, to the firm's Beachwood, Ohio office. The team, which will operate as 42° North Advisors of Raymond James, collectively managed more than $700 million in client assets at UBS, according to Amy Smart, RJA's Mid-American regional director.
The group's combined experience exceeds 130 years in wealth management. Massey, who began his career in 1987 and spent 18 years at UBS, holds a bachelor's degree in English literature from Northwestern University and completed the Investment Consultant Program at Wharton. He also earned the Certified Portfolio Manager designation from Columbia University, where he lectured for over five years. Herman brings 24 years of experience and holds the Chartered Financial Consultant and Certified Divorce Financial Analyst designations. Licate contributes more than four decades in the industry, with advanced coursework from The American College of Financial Services and Wharton. Egan, with 46 years in the business, focuses on long-term wealth preservation for individuals and families.
In a statement, Massey cited Raymond James's reputation and stability as key factors in the move. "Raymond James stands out for its reputation and longstanding stability," he said. "Its strong leadership team and client-first values give us confidence that we'll have the support and resources needed to serve our clients well into the future." Smart echoed that sentiment, noting the firm offers advisors the freedom and resources to shape their practices around client needs.
The Ohio hire continues a pattern of RJA recruiting from UBS throughout 2026, as wirehouse advisors respond to changes in compensation structures. This latest addition follows other notable moves, such as the recruitment of a $700M Truist team earlier this year.
Meanwhile, LPL Financial announced that Joe Borgese, CFP, of Contour Wealth Management, LLC, has joined its broker-dealer and registered investment advisor platforms, bringing approximately $390 million in assets. Borgese, based in Boyertown, Pennsylvania, began his financial services career in 1990, first in banking before moving to the advisory side. His team includes Lindsey Borgese, CFP; Diana C. Dugan, Enrolled Agent; and support staff Brian Christman, Cheryl Dietz, and Karen Walla.
Borgese said the decision to leave Cetera was driven by technology, operational efficiency, and client value. "LPL's combination of technology, operational support and the team-based approach to supporting advisors gives us an opportunity to work more efficiently," he said, also citing cost efficiencies for clients. Marc Cohen, chief growth officer at LPL Financial, praised the practice's focus on long-term client relationships that span generations.
The Contour Wealth Management move is part of a sustained trend of Cetera advisors joining LPL, which has consistently recruited from Cetera throughout 2026. This follows other recent advisor moves, including LPL adding a Wells Fargo duo and JPMorgan tapping a Merrill veteran.
These hires underscore the competitive dynamics in the independent broker-dealer space, as firms vie for experienced advisors with substantial client assets. For advisors, the choice often hinges on platform support, technology, and cultural fit—factors that both Raymond James and LPL have emphasized in their recruiting pitches.
