Advisor moves: LPL has another big week, pulling from Wedbush and Osaic

Published September 27, 2024 9:00 AM

Updated September 29, 2024 10:30 PM

1 Min Read

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Advisor moves and M&A are constantly roiling the wealth management industry.

Each week, Financial Planning rounds up notable advisor moves and deals; see the details below.

Bloomberg News

LPL pulls team from Wedbush Securities

LPL Financial has recruited an advisory team previously managing $400 million at Wedbush Securities to its direct-employee channel.

LPL announced this week that financial planners Ken Hutkin and Ron Winkler are starting a practice called 57th Street Wealth Advisors. Their team will be the first in New York to join LPL through its Linsco unit, a channel for direct-employee advisors.

Hutkin has 35 years of industry experience, according to BrokerCheck. He started at Weaver Johnson, a now expelled firm, in 1985 and worked at a string of firms including Oppenheimer and Morgan Stanley before joining Wedbush in 2018. Winkler is the founder and managing partner of Winkler & Co. CPAs, a tax and financial planning firm he started nearly 40 years ago.

Joining them at 57th Street Wealth Advisors are Margarita "Margie" Santiago, a client services associate; and Nathan Wild and Noah Hutkin, both wealth associates.

LPL was the No. 1 independent broker-dealer ranked by annual revenue in Financial Planning's latest IBD Elite listing.

Commonwealth draws advisors managing $600M from Osaic

Commonwealth Financial Network has added a pair of advisors formerly at its rival independent broker-dealer Osaic to its Aegis Consulting advisory affiliate.

Mark O'Sickey and Paul Solorzano, who recently joined Commonwealth's Aegis Consulting, were both at Lincoln Financial Advisors when it was bought by Osaic in May. Commonwealth said the addition of their practice pushes Aegis Consulting's assets under management to nearly $2 billion and advisor headcount to 17. Aegis Consulting had roughly half that AUM and only nine advisors when it was bought by Commonwealth in 2023.

O'Sickey, based in Cleveland, joined Lincoln Financial Advisors in 2016, according to BrokerCheck. Solarzano, in San Francisco, started his career in 1990 at Lehman Brothers and went on to work for Salomon Smith Barney for seven years before joining Lincoln in 2001.

Commonwealth came in as the No. 7 largest independent broker-dealer in Financial Planning's latest IBD Elite ranking, and Osaic, formerly Advisor Group, was in the No. 3 spot.

LPL snags advisor duo from Osaic

LPL Financial has pulled over a pair of financial advisors who previously managed $150 million for an Osaic affiliate.

Jeff Minucci and David Ryzman have joined LPL's offices in the Dallas suburb of McKinney, Texas. Their new practice will be called GreenPoint Wealth Management.

Minucci has 23 years of industry experience, according to BrokerCheck. He started in 2000 at Argo Securities and spent 16 years at Fidelity Investments. He was mostly recently with the Dallas-based Navigation Financial Group, an Osaic affiliate.

Ryzman, also recently with Navigation Financial, also has 23 years of industry experience. He started his career at Fidelity in 2001 and was there for 13 years, according to BrokerCheck.

Raymond James recruits advisor from Morgan Stanley

Raymond James has brought over an advisor who previously managed $120 million for Morgan Stanley.

Matt Bennett has joined Raymond James & Associates, the firm's channel for direct employees, in Wilmington, North Carolina. Coming with him is Danielle Rich, a senior registered client service associate.

Bennett has more than 25 years of industry experience. He began his career at Liberty Funds in 1998 and later went on to stints at Merrill Lynch and Smith Barney. He joined Morgan Stanley in 2009, according to BrokerCheck.

Raymond James was the No. 5 largest independent broker-dealer in Financial Planning's latest IBD Elite ranking.

Executive moves: Dynasty appoints COO, shakes up C-suite

Dynasty Financial Partners has named Marc Hineman, most recently of the market data software and analytics company Pico, as its new chief operating officer.

Before joining Pico, Hineman held top senior technology and operational positions at Wells Fargo and JPMorgan, according to a Dynasty press release. He replaces Angela Gingras, who left Dynasty in May to join the financial data firm Confluence.

The announcement comes amid a broader reorganization of Dynasty's executive ranks. Tim Oden, mostly recently executive-in-residence for Dynasty, will become the firm's new chief growth officer. And Dynasty Vice Chairman Andrew Marsh will become head of core services.

Marsh, who previously oversaw the Canadian firm Richardson Wealth, joined Dynasty in 2023 as its first executive-in-residence, a job that partly involves providing advice to the CEOs of advisory firms. Oden joined Dynasty in February after more than 30 years at Charles Schwab.

Dynasty provides technological and back-office support to advisory practices. It now works with 56 independent firms and more than 400 advisors, who have $250 million in assets under management on average. The firm's management changes were first reported by the industry publication CityWire RIA.

Executive moves: Gries Financial Partners appoints chief growth officer

Gries Financial Partners, a woman-owned fee-only RIA, has named Carina Diamond as its chief growth officer.

Diamond spent time at Palm Beach Gardens, Florida-based Dakota Wealth Management, which she left last year to start her own consulting practice. Along with being chief growth officer for Cleveland-based Gries Financial, she'll fulfill the same role for the firm's parent company, 4100 Group Financial Services.

Gries Financial Partners was founded in 1978 in Cleveland by Sally Gries, making it the first woman-owned RIA in Ohio history. It now has about $1.7 billion in assets under management and advisement. It specializes in working with high net worth clients and foundations, endowments, 401k plans and other institutional investors.

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