A 32-year Commonwealth Financial Network team managing $608 million in assets joins Cetera following LPL Financial’s acquisition of Commonwealth.
Cetera has added a team from Commonwealth Financial Network managing $608 million in client assets, led by Edward Duffy of Lexington Financial. The move follows LPL Financial’s acquisition of Commonwealth, which prompted the team’s departure after 32 years.
The team, including advisors John Walsh and William Creesy, conducted six months of due diligence before selecting Cetera. Key factors included uninterrupted access to Fidelity Investments’ National Financial Services custody. Cetera has actively recruited Commonwealth advisors since the LPL acquisition.
Separately, Concurrent Investment Advisors secured a minority investment in Potomac Financial Group, which oversees $750 million in assets after leaving Raymond James.