The independent channel continues to pull talent from wirehouses and larger rivals. A seven-person team that managed $1.3 billion in client assets has left UBS to affiliate with Wells Fargo Advisors Financial Network, the firm said. The Cullman/Holt Group, based in Dublin, Ohio, is led by managing director Jeff Cullman and senior vice president W. Bruce Holt, and includes financial advisor Ben Krajnak, senior registered client associate Connie M. Dennis, registered client associates Sol Gamertsfelder and Shannon Borton, and client associate Conor Holt.
The group joined FiNet through a tuck-in transition, affiliating with Ascend Advisory Group, an existing practice led by chief executive Tony Reilly. Reilly founded Ascend in 2001 with $27 million in assets; by June, the firm said it had surpassed $2.5 billion in assets under management. John Tyers, president of FiNet, called the move a reflection of the platform Reilly and Ascend have built, citing access to capabilities and solutions available through FiNet.
The hire extends a pattern of UBS departures to the Wells Fargo independent channel. In April, Touchstone Wealth Partners, a multigenerational team managing more than $2.1 billion in assets, also left UBS to affiliate with FiNet. The latest move underscores the competitive dynamics in the wealth-management industry, where advisors increasingly weigh independence against the resources of large firms.
In Ann Arbor, Michigan, Lakewood Wealth Management has moved from Cambridge Investment Research to LPL Financial's broker-dealer and registered investment advisor platforms. The team, comprising founder Harrison Kennard, Charles Dobben, and Justin Pandy, reported about $170 million in advisory, brokerage, and retirement plan assets. Kennard has nearly two decades of industry experience, while Dobben and Pandy each have two years of registered experience, according to BrokerCheck records.
The practice serves multigenerational families, healthcare professionals, university faculty, and college athletes earning money through name, image and likeness deals. Kennard said the team wanted a partner that would allow them to continue operating independently while gaining access to quality technology and resources. In August, LPL welcomed Conte Wealth Advisors, a third-generation Pennsylvania firm from Cambridge with 24 advisors and $1.6 billion in client assets.
Cetera has signed John Fitzgerald and Fitzgerald Financial Group, a Vineland, New Jersey, practice that came from Commonwealth Financial Network. The transitioning team includes financial professionals Doug Kramer and Gary Bolno, plus assistant Tatyana Shevchuk. Serving about 400 households with more than 1,300 accounts and overseeing approximately $185 million in assets under administration, the practice joins Cetera's Summit Financial Networks community.
Fitzgerald said LPL's purchase of his former firm prompted him to review his options. "I didn't choose LPL, so rather than taking the path of least resistance and automatically going wherever the acquisition took us, I spent a lot of time doing due diligence and deciding where I wanted Fitzgerald Financial Group to be for the next 10 to 20 years," he said. He plans to grow through referrals, buy books of business, and offer succession options to retiring advisors. The firm recently bought an office building in Mullica Hill, New Jersey, his hometown, and will keep its Vineland office.
Tom Halloran, Cetera's advisor channel leader, praised Fitzgerald's "hands-on, family-style commitment to client service," noting he built the practice one client relationship at a time. Cetera firms managed approximately $688 billion in assets under administration and $330 billion in assets under management as of June 30.
The moves come amid a record year for advisor transitions, with 11,172 advisors changing firms in 2025, according to industry data. As firms overhaul transition playbooks, the competition for experienced advisors remains intense, with independent platforms increasingly attractive to those seeking flexibility and support.
