Cetera Financial Group announced that it picked up two advisory teams: Matthew and Christopher Callero, cousins operating as Callero Capital Management in Mount Prospect, Illinois, with about $265 million in assets under administration (AUA), from Osaic; and Westford, Massachusetts-based Scott Thaxton and Greg Pennini, operating as CarrThaxton Financial Group with $350 million in AUA, from LPL Financial.
Callero Capital Management
Callero Capital Management, located in the northwest suburbs of Chicago, joined Cetera Financial Specialists within Cetera’s Tax & Accounting Channel, Cetera said Tuesday.
The advisor team offers wealth management and retirement planning services to individual investors, families and business owners.
After a year-long due diligence process, the Calleros selected Cetera for its ability to support its organic and inorganic growth, according to Cetera.
“The decision to move has been many months in the making and followed an exhaustive search among independent broker-dealers,” Matthew Callero, President of Callero Capital, said in a news release. “We believe that Cetera’s back-office support is vital for a growth-minded advisory firm like ours.”
He went on to say, “We’re positioned to welcome additional producing advisors who share our client-first philosophy. With many advisors approaching retirement themselves, local advisors are seeking succession solutions and are reaching out to ensure their clients’ futures. We will be active in pursuing local acquisition opportunities over the next 3 to 5 years.”
His cousin, Christopher Callero, serves as Callero Capital Vice President.
Pointing to the team’s longtime affiliation with Woodbury Financial Services, Cetera said the Calleros’ move to Cetera was “prompted by challenges stemming from Osaic’s integration of its broker-dealers.”
Woodbury Financial was part of the advisor network of Advisor Group, which announced in June 2023 that it rebranded as Osaic and would unite its eight wealth management firms under the new name.
“Matt and Chris are outstanding additions to the Cetera Financial Specialists community,” Andy Watts, Cetera’s Tax & Accounting Channel Leader, said in the news release.
“Their client-first approach and ambitious growth mindset make them an excellent fit for Cetera, and we look forward to offering the resources and support they need as they enter their next phase of growth.”
CarrThaxton Financial Group
CarrThaxton Financial Group serves over 1,200 client accounts and its move to Cetera after almost three decades with LPL reflected the team’s “commitment to delivering high-touch advisory services with enhanced platform capabilities and operational support,” Cetera said Monday.
“After nearly three decades with LPL, we wanted a partner that could deliver advanced technology, personalized support, and a clear path for scaling our advisory business,” Thaxton and Pennini said in a news release. “Cetera delivered on all fronts.”
The latest advisor team additions came just one week after Cetera said it picked up advisor Shawna Vanaken from Commonwealth. She joined Avantax, which Cetera acquired in 2023. Vanaken and her team at Pinnacle Tax & Financial Services in Beaverton, Oregon, oversaw about $49 million in AUA as of Aug. 12, Cetera said.
As of Sept. 30, Cetera said its firms managed over $625 billion in AUA and $284 billion in assets under management (AUM) combined. Cetera has about 12,000 advisors and institutions within its network, it noted.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
