Veteran Advisor Team Jumps from Commonwealth to Cetera with $608M in AUA
Event summary
- Edward Duffy and his Lexington Financial team, managing $608M in AUA, leave Commonwealth after 32 years following its acquisition by LPL.
- Cetera wins the team with promises of service continuity, including maintaining Fidelity's NFS for custody and clearing.
- Duffy cites direct access to Cetera leadership as a key factor in the switch.
- Lexington Financial team includes multi-generational advisors with over 42 years of combined industry experience.
The big picture
This move highlights the ongoing ripple effects of LPL's acquisition of Commonwealth, pushing veteran advisors to seek alternative platforms. Cetera's ability to offer continuity in custody services and direct leadership access positions it as an attractive option for teams prioritizing stability. The $608M AUA transfer underscores the strategic importance of advisor transitions in the wealth management space.
What we're watching
- Advisor Retention Strategy
- Whether Cetera can sustain this momentum in attracting veteran advisor teams from competitors.
- Technology Integration
- How smoothly Cetera will integrate Lexington Financial's existing third-party technology into its platform.
- Industry Consolidation Impact
- The pace at which similar advisor migrations occur as a result of ongoing industry consolidation.