This edition of the Deals & Recruiting Roundup covers Cambridge Investment acquiring Dempsey Lord Smith, Cetera adding a $350 million advisory team from LPL and recruiting a $265 million firm from Osaic, Raymond James adding a $420 million father-son advisor team from Edward Jones, Ameriprise recruiting a $160 million financial advisor from Wells Fargo, Angeles Wealth appointing Jonah Cave as Chief Growth Officer and Procyon hiring Todd Smallwood as Chief Compliance Officer.
Larry's Take
In the short Thanksgiving week, we saw another broker-dealer acquisition, this time with Cambridge acquiring Dempsey Lord Smith, which will cease operating as a BD. BD consolidation has run a much longer course at this point than RIA consolidation, as I discussed with industry experts in July.
At the same time, the industry is shifting towards advisory-based assets rather than brokerage business. Last month, this roundup covered LPL’s announcement of fee reductions in response to this industry trend.
In 2026, I expect we will see continued consolidation in the BD space, in part driven by this shift in assets that requires M&A to push against decreasing scale. At the same time, watch for the large, traditional BDs to continue shifting their focus toward advisory assets.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@ascentix.com.
Mergers & Acquisitions
Cambridge Investment Acquires Dempsey Lord Smith
Fairfield, Iowa-based Cambridge Investment Research announces its acquisition of Rome, Georgia-based Dempsey Lord Smith (DLS), a wealth management and retirement planning firm. DLS is shifting away from operating as a broker-dealer, while its leadership team will continue to support advisor development, Cambridge said. The deal adds approximately 75 financial professionals to Cambridge.
The financial advisors to Dempsey Lord Smith for this transaction are Republic Capital Group and Williams Private Wealth Advisory & Consulting. The firm, founded in 2007, had approximately $580 million in assets under management as of March 31, according to its Form ADV. Outlets including FA Magazine say it has about $1 billion in total assets.
“Our mission has always been centered on helping advisors grow, and we realized we didn’t need to be a broker-dealer to keep doing that at a high level,” said Jerry Dempsey, Founder and CEO of Dempsey Lord Smith. “This partnership allows us to build on the strong community we’ve created while giving our advisors access to a deeper set of tools, technology, and services. Together with Cambridge, we can accelerate their growth far faster than if we continued building it alone.”
Advisor Transaction
Cetera Recruits $350 Million Advisor Team From LPL
San Diego-based Cetera Financial Group adds an advisory team led by Financial Advisors Scott Thaxton and Greg Pennini. Their practice, CarrThaxton Financial Group, had more than 1,200 client accounts and approximately $350 million in assets under administration (AUA) as of Sept. 30.
The advisor duo was previously affiliated with LPL for close to three decades. The Cetera network of firms had approximately $625 billion in AUA and $284 billion in assets under management (AUM) as of Sept. 30.
“Joining Cetera represents a strategic move for our team to better serve our clients,” said Thaxton and Pennini. “We were impressed not only by the firm’s advisor-first culture but also by the depth of resources available to help us grow and innovate. 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. Cetera delivered on all fronts.”
Cetera Adds $265 Million Advisor Callero Capital From Osaic
Cetera also announces that Chicago area Financial Advisors Matthew Callero and Christopher Callero, who are cousins, are joining Cetera Financial Specialists’ Tax and Accounting Channel from Osaic. Callero Capital Management oversaw approximately $265 million in AUA as of May 1.
The Calleros have a multi-generational structure that is designed to foster longevity and continuity, they said. The team chose to partner with Cetera after a year-long search among independent broker-dealers. They previously were affiliated with Woodbury Financial Services, and they said the move was due to challenges with Osaic’s integration of its broker-dealers, which included Woodbury.
“We believe that Cetera's back-office support is vital for a growth-minded advisory firm like ours,” said Matthew Callero, President of Callero Capital Management. “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.”
Raymond James Adds $420 Million Father-Son Advisor Team From Edward Jones
Raymond James recruits Financial Advisors John Murthy and Sean Murphy to its independent advisor channel. The father-son team operates as Forsa Wealth Partners, which is based in Chesapeake, Virginia. They join Raymond James Financial Services (RJFS) from Edward Jones, where they managed $420 million in client assets.
John Murphy, a U.S. Navy veteran, joins RJFS after more than 30 years with Edward Jones. Sean Murphy had been affiliated with Edward Jones since 2018. Also joining RJFS is Financial Professional Megan Howell.
“My experience has taught me the value of clear, consistent financial guidance,” said John Murphy. “Raymond James’ extensive resources enable me to help clients organize retirement, manage risk and plan for succession effectively.”
Ameriprise Recruits $160 Million Financial Advisor From Wells Fargo
Ameriprise Financial announces that Harpland Financial Management is joining its branch channel. Harpland was previously affiliated with Wells Fargo Clearing Services. The Houston-based financial advisory practice has more than $160 million in client assets.
The Harpland team includes Financial Advisors Peter Horton and Serena Sneeringer, along with Client Service Associate Micah Horton. Hapland is supported by Ameriprise Complex Director Thomas Harris and Ameriprise Regional Vice President Mitch Doren. Approximately 1,700 financial advisors have joined Ameriprise in the last five years, the firm said.
“We were drawn to Ameriprise for its cutting-edge technology and comprehensive planning platform that streamlines our daily operations and gives us more time to focus on what matters most – our clients,” said Sneeringer. “We’ve been impressed with how much easier it is to collaborate with clients using these capabilities, allowing us to model a range of strategies with clear, easy-to-understand illustrations that help them make decisions with confidence.”
Promotions & People Moves
Angeles Wealth Appoints Jonah Cave As Chief Growth Officer
Angeles Wealth Management appoints industry veteran Jonah Cave to serve as Chief Growth Officer, a newly created role at the Santa Monica, California-based RIA. Based in Dallas, Cave will head business development and growth initiatives, including inorganic growth in the high and ultra-high net worth segments, the firm said. He has 30 years of experience in capital markets, private investments, family office and wealth management. He joins Angeles Wealth after serving as Managing Member of consultancy Dry Land Capital since October 2024.
Cave previously held senior roles at CH Investment Partners, a Dallas-based multi-family office that is now part of Cresset Capital, and in the global equity divisions of Merrill Lynch, Bank of America Merrill Lynch and UBS. Cave’s appointment comes as Angeles Wealth continues its growth, with AUM increasing to $2.6 billion as of Sept. 30, an over tenfold increase since early 2018, it said.
“I’m energized by the opportunity to help our advisors share our story and unlock new opportunities across the firm. Nationally and in our key markets of California, New York and Texas, we see a tremendous opportunity to serve more families with sophisticated needs,” said Cave. “As the industry awakens to the convergence of advisory needs between private wealth and institutional clients – and the solutions and services required across the advice continuum – Angeles Wealth is uniquely positioned and truly independent.”
Procyon Hires Todd Smallwood As Chief Compliance Officer
Shelton, Connecticut-based Procyon Partners announces the hiring of Todd Smallwood as Chief Compliance Officer. Smallwood has held senior compliance roles at a number of advisory firms.
In his most recent role, he was Chief Compliance Officer of Sugarloaf Wealth Management, an RIA in the Osaic Wealth network. Before that, he held positions at Advisor Group, Triad Advisors, Lindner Capital Advisors, Clear Investment Research and Timbervest. Founded in 2017, Procyon oversaw more than $8 billion in client assets as of July 8.
“With decades of experience in trading, compliance, and leadership across investment advisory, investment management, and retirement plan consulting firms, Todd brings a deep well of expertise to our team,” according to Procyon. “Todd is known for delivering practical, strategic solutions that support a wide range of business needs, always with the client’s best interest at heart.”
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