Raymond James snags teams with $1.1B from Commonwealth

October 3, 2025 1:56 PM

The steady flow continued this week of advisors leaving Commonwealth Financial Network, fresh off its acquisition by LPL Financial, for industry rival Raymond James.

But Commonwealth proved it still has the power to attract advisor teams, pulling one from Morgan Stanley. Scroll down to read about those notable moves and others, along with some big M&A transactions.

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Raymond James draws Commonwealth advisors with more than $1.1B in AUM

Raymond James' success continues when it comes to pulling in advisors from Commonwealth Financial Network amid its integration by LPL Financial.

Raymond James announced this week the recruitment of four advisory teams from Commonwealth, which was bought by LPL Financial in August in a $2.7 billion deal. All of the teams joined Raymond James Financial Services, the firm's channel for independent advisors.

The largest of the teams, going by the name Capital Wealth Management, operates out of Glastonbury and Wilton, Connecticut, and has $411 million in assets under management. It's composed of the financial advisors Tom Hine, Jordan Hickey, Kelsey Conklin and Michael Nicoletti.

Hine has 35 years of industry experience and joined Securities America in 2001 after stints at various firms before joining Commonwealth in 2011. Hickey started at Securities America in 2009 and moved to Commonwealth in 2011. Conklin started at Commonwealth in 2011 and Nicoletti started there in 2018.

The second largest ex-Commonwealth team that Raymond James announced its recruitment of this week is called Radnor Wealth Management and manages $270 million out of Brentwood, Tennessee. It includes the advisor Mark Richards, his mother Barbara Richards and Jamie "Ledon" Lange. Mark Richards, Barbara Richards and Lange all joined Commonwealth in 2015 after time at TrustCore Investments.

The third Commonwealth team recruited by Raymond James is called Noble Investments and managed $200 million in White Salmon, Washington and in Portland, Oregon. It's led by the advisors Trevor Becker and Peter Kotkas. Becker and Kotkas both have 17 years of industry experience and joined Wells Fargo in 2010 after stints at several firms and then Commonwealth in 2020.

The fourth team, called Paul Williamson and Company, had managed roughly $200 million out of Vero Beach, Florida. It's led by the advisors Paul Williamson and Matt Hamilton. Williamson has 31 years of industry experience and joined Commonwealth in 2009 after time at various firms. Hamilton started at Commonwealth in 2017.

Raymond James has seen considerable success recruiting advisors from Commonwealth ever since LPL announced its acquisition plans in March. LPL has set a goal of retaining 90% of the roughly 2,900 advisors and $285 billion in client assets Commonwealth had when the deal was announced.

LPL Financial adds $1.1B team from RBC

A group of advisors formerly at RBC has joined an existing team at LPL Financial to form a new firm called Lighthouse Private Wealth.

Denny John "DJ" Totland and Christopher Meyer recently moved to LPL from RBC Wealth Management-U.S., where they had been overseeing $1.1 billion in client assets. They're coming together with an existing LPL-affiliated firm, Harbor Lights Financial Group, to found Lighthouse Private Wealth in Red Bank, New Jersey. Harbor Lights is led by managing partner Rob Tendler, who has nearly 40 years of industry experience and came to LPL last year from Well Fargo.

The new Lighthouse team specializes in working with high net worth clients, small-business owners and families. Totland has 35 years of industry experience. He joined Smith Barney in 1993 after stints at several other firms and moved to RBC in 2007. Meyer started his career at RBC in 2008.

"We are excited about being able to customize and use specific technology in an 'à la carte' fashion," Meyer said in a statement. "LPl is one of the biggest players in this area now and has shown that they are among the best."

Commonwealth picks up $350M team from Morgan Stanley

Commonwealth Financial Network picked up a team of its own with a former Morgan Stanley group joining it in Pennsylvania.

Thomas Kinslow and Brian Sanford are joining the Commonwealth-affiliated firm Union Street Financial in Kennett Square, Pennsylvania. They had managed $350 million in client assets at Morgan Stanley. Kinslow started his career in 1998 and was at Morgan Stanley and its predecessor firms from 2000 onward. Sanford started his career in 2014 and has been at Morgan Stanley since 2016.

Union Street has been affiliated with Commonwealth since 2010. It mainly works with ultrahigh net worth clients, small-business owners and families.

"With this move, we'll have access to Commonwealth's award-winning service paired with the scale of LPL's expert resources, robust wealth management solutions, and advanced technology," Sanford said in a statement.

AmeriFlex Group pulls $345M team from Osaic

AmeriFlex Group, a large wealth management practice that announced its departure from Osaic this summer, has pulled a California advisory team from its former partner firm.

Capital Insight Financial Group is joining AmeriFlex Group in Livermore, California, east of San Francisco. The firm, which specializes in helping business owners and clients through changes in their lives, had managed roughly $345 million at Osaic.

The four-person team is led by Jacob Reid, who has 23 years of industry experience and joined Securities America in 2016. Securities America was one of nine formerly separately operated broker-dealers recently consolidated under the Osaic brand.

AmeriFlex announced its departure from Osaic in June, taking 129 advisors and roughly $11.87 billion in client assets to the rival independent broker-dealer Cambridge Investment Research. AmeriFlex, technically an office of supervisory jurisdiction with authority to handle certain regulatory compliance matters internally, bills itself as the "home for hybrids," meaning firms that have both an advisory arm and a traditional brokerage.

Arax-backed Ashton Thomas acquires $1.5B firm

Ashton Thomas Private Wealth, a subsidiary of the RIA aggregator Arax Partners, is bolstering its presence in Florida with the acquisition of the asset and wealth manager Day Hagan.

Day Hagan, composed of Day Hagan Asset Management and Day Hagan Private Wealth, manages $1.5 billion in Sarasota, Florida. As part of the transaction, co-founder and chief investment strategist Don Hagan will become chief investment officer at Ashton Thomas. The team joining him at Ashton Thomas includes: senior portfolio manager Arthur Day, deputy chief investment officer Regan Teague and senior wealth advisor Natalie Brown.

Ashton Thomas was founded in 2010 by current CEO Aaron Brodt. It was acquired by Arax Partners in September 2023 in a deal whose terms were not disclosed. Arax is among many RIA aggregators now financing their purchases of other firms with private equity support. Arax's backing comes from the private equity firm RedBird Capital Partners, which has more than $12 billion under management.

Perigon Wealth buys $1.3 billion firm

The RIA-aggregator Perigon Wealth Management is extending its expertise in environmentally conscious investing with the purchase of a large New Jersey firm.

Gitter Wealth Management and Gitterman Asset Management, with roughly $1.3 billion in client assets, have joined Perigon in Edison, New Jersey. Gitterman, founded in 2000, specializes in investing in ways meant to protect the environment and in working with college and university employees, along with regular investors.

Gitterman partners Jeffrey Gitterman and Eli Rauch will now become managing directors at Perigon. Their addition brings Perigon's asset tally to $10.6 billion.

Perigon is among the many firms now drawing on private financing to buy independent registered investment advisors. It accepted minority investment in 2019 from Merchant Investment Management, which sold its stake to the private equity firm Constellation Wealth Capital in 2024.

Savant Wealth acquires $557M AUM firm

The RIA-aggregator Savant Wealth Management is strengthening its presence in the Chicago area with purchase of a firm specializing in tax planning and business consulting.

Gryphon Advisors, which has roughly $557 million in client assets, is joining Savant in Evanston, Illinois, just north of Chicago. Gryphon was founded in 2005 by principal David Douglas Close and now offers financial planning to more than 100 high net worth clients.

Savant, which has its headquarters in Rockford, Illinois, now has eight offices in the Chicago area and roughly $32.9 billion in assets under management. Its purchase of Gryphon Advisors marks its fifth acquisition this year.

Savant specializes in taking in firms offering fee-only advice, meaning they make money only by charging fees set at flat or hourly rate or at a percentage of the assets they have under management. Savant has received minority investments from private equity firm Kelso & Company and Cynosure Management, a family office that's part of the RIA's network of advisory practices.

EP Wealth sells ownership stake to Ares Management Private Equity

EP Wealth, a frequent acquirer of fee-only advisory firms, has sold " a significant minority stake" in itself to the private equity giant Ares.

EP Wealth, a Torrance, California-based firm with roughly $40 billion under management, announced the investment by Ares Management Private Equity this week. The terms of the deal were not disclosed.

EP Wealth, which previously sold a minority stake to Berkshire Partners, is seeking to finance its ambitious mergers and acquisitions plans. Last week, S&P Global reported the firm is also raising capital by taking on a $400 million, seven-year term loan and a $100 million five-year credit line.

EP Wealth has completed eight M&A deals so far this year. The founders of the firm, Derek Holman and Brian Parker, will maintain their ownership stakes and continue in their current roles following Ares' investment.

Cetera names new leader for its RIA Blueprint division

The independent broker-dealer Cetera has named an executive previously at industry stalwarts like Charles Schwab and Fidelity to lead its division for advisors looking to start their own RIAs.

Paul Polese has been named community leader of Cetera's RIA Blueprint unit, which provides technology, custodial services and compliance help to new or expanding registered investment advisories. Polese has long been in the industry. He was most recently at BCA Consultants, a firm he founded to help advisors break away from larger firms or build their existing businesses.

He has also held sales and relationship management positions at Pershing, Charles Schwab and Fidelity. RIA Blueprint is part of Cetera's RIA & Branches, which was introduced in June 2025 and is the firm's fifth and newest dedicated channel.