This edition of the Weekly Recruitment Roundup features Kestra Financial bringing on Symonds Wealth Management, Osaic recruiting Illinois-based advisor Greg Diamond, NFP acquiring Divergent Wealth Advisors while NFP’s Wealthspire Advisors subsidiary agreed to acquire GM Advisory Group, The Wellington Group and TrustWealth Strategies merging to form Wellington Wealth Strategies, Coldstream merging with the advisory firm SCG and the tax services firm HSA, the Association of African American Financial Advisors (AAAA) holding its annual V.I.S.I.O.N. Conference and Noreen Beaman joining the Advisory Board of Commonwealth Financial Network.
Advisor Transactions
1. Kestra Brings On $1.7 Billion Symonds Wealth Management In Texas

Fort Worth, Texas-based Symonds Wealth Management left Principal Financial to join the Kestra Financial network. Dax Symonds, who has over 26 years of financial services experience, leads the team of five producers and six operations personnel, which oversees $1.7 billion in assets.
Symonds Wealth Management specializes in managing corporate retirement plans for large organizations and developing relationships with executives and employees of those companies. At Kestra, the team will have access to concierge services, business consulting support and investment management support.
“We found a trusted partner in Kestra Financial, as they can deliver on our technology needs and provide consulting support that will round out our ensemble practice,” Symonds said. “Financial strength and stability were also criteria we evaluated when considering prospective partners, and Kestra’s strong foundation and solid financial footing gave us the confidence to move forward.”
2. Osaic Recruits Illinois-Based Advisor Greg Diamond, Overseeing $150 Million

Lincolnshire, Illinois-based advisor Greg Diamond joined Osaic. He oversees approximately $150 million in client assets and will partner with existing Osaic advisor Adam Schwartz. Diamond is Senior Advisor and Principal at GCD Advisors, an independent RIA that has provided wealth management and tax services since 1965.
Diamond is a CPA with more than 20 years of financial services experience. He previously was affiliated with Ausdal Financial Partners. Osaic, which recently rebranded from Advisor Group and embarked upon consolidating its subsidiaries, is a portfolio company of Reverence Capital Partners and supports more than 11,000 financial professionals nationwide.
“By partnering with Adam and Osaic, GCD will be positioned to grow our business, provide even better services to our clients and attract other like-minded advisors who are looking to join a firm focused on the future,” said Greg Diamond, Senior Advisor and Principal at GCD Advisors. “I have known and respected Adam for years and am excited to work with him and his team to bring their decades of leadership in investment, wealth management and business consulting to our clients.”
Mergers & Acquisitions
3. NFP Acquires Divergent, Wealthspire Subsidiary Agrees To Acquire GM Advisory

NFP – a property and casualty broker, benefits consultant, wealth manager and retirement plan advisor – acquired South Jordan, Utah-based Divergent Wealth Advisors, which has over $675 million in assets under management (AUM). Meanwhile, NFP’s Wealthspire Advisors subsidiary agreed to acquire GM Advisory Group (GMAG), which manages approximately $3 billion in assets and advises on an additional $3.3 billion.
Frank Marzano founded GMAG in 2004. It has more than 40 team members across offices in Boca Raton, Florida, New York City and Melville, New York. Wealthspire has 21 locations across 12 states and the deal will take its total assets to approximately $24.4 billion. Divergent cofounders Jordan Collins and Brady Ririe will report to Jeff Scott, Senior Vice President, Retirement at NFP.
“I have personally known Frank Marzano for many years, and his passion for serving clients and his relentless commitment to his people are reflected in the tremendous success they have experienced over nearly two decades,” said Wealthspire CEO Mike LaMena. “We’re expanding our wealth management and retirement plan capabilities, while increasing our presence in the fast-growing Western US,” Scott said.
4. Indianapolis Firms Merge To Form $750 Million Wellington Wealth Strategies

The Wellington Group and TrustWealth Strategies merged to form Indianapolis-based Wellington Wealth Strategies. The merged RIA oversees a combined $750 million in AUM, has six founders and 20 financial advisors who serve clients across more than 40 states, and maintains satellite offices in Crown Point and Fort Wayne, Indiana.
Tony Bonanno, who started the Wellington Group in 1996, becomes Founder and Managing Partner of Wellington Wealth Strategies. Greg Freeman and Joe Hillman, who started TrustWealth Strategies in 2019, become Founders and Partners alongside longtime team members Tom Cates and Max Moritz. Nate Miller becomes Chief Operating Officer.
“The evolution into Wellington Wealth Strategies was a thoughtfully deliberated move,” Bonanno said. “Greg and Joe’s team seamlessly align with our ethics and core values, affirming their position as the ideal partners to foster enduring success for our business and cherished clients.”
5. Coldstream Merges With Affiliated Advisory And Tax Services Firms, SCG And HSA

Bellevue, Washington-based Coldstream Wealth Management announced its merger with Seidman Capital Group (SCG), a wealth management firm, and Hersman Serles Almond (HSA), an affiliated business that provides accounting and consulting services. SCG and HSA are based in Kirkland, Washington. Coldstream had approximately $6.5 billion in AUM as of its June SEC ADV filing.
SCG, which was founded in 2004, has five advisors and three support staffers overseeing $250 million in AUM. HSA, founded in 1980, has 17 financial professionals and a longstanding mutual referral relationship with Coldstream. SCG and HSA were co-founded by Victoria Serles, a CPA with over 40 years of financial services experience. She serves as a Partner at SCG and is HSA’s Managing Partner.
“Merging with Coldstream comes at the ideal phase of our respective businesses,” Serles said. “The firm understands how we operate, the value-add that sophisticated tax services can bring to wealth management clients and how a truly comprehensive financial services company can stand out as a destination of choice for top talent who continually seek new challenges in order to grow throughout their careers.”
Strategic Partnerships
6. AAAA Holds V.I.S.I.O.N. Conference, Awards J.P. Morgan Exec For Diversity Initiatives

The nonprofit Association of African American Financial Advisors (AAAA) held its annual V.I.S.I.O.N. Conference from Sept. 13 to Sept. 15 at the Gaylord National Hotel in National Harbor, Maryland. Eric Tepper, CEO of J.P. Morgan’s Chase Wealth Management unit, received the 2023 Spirit of the V.I.S.I.O.N. Award, which recognizes Black and African American industry leaders who promote ethnic diversity.
Tepper manages thousands of financial professionals in Chase branches across 48 states. In addition, AAAA recognition categories at the conference also included B/AA Top Performers, Best Workplace for B/AA Financial Professionals in Wealth Management, Excellence in Community Service and Top 50 Under Fifty Distinguished Black/African American Financial Services Professionals.
“It takes intentional, consistent leadership to achieve real change,” said LeCount Davis, founder of AAAA. “Eric has demonstrated true leadership in our industry and has been a long-time champion of diversity. He has set an example that I hope other leaders in the industry will follow.”
Promotions & People Moves
7. Noreen Beaman Joins Advisory Board Of Commonwealth Financial Network

Industry veteran Noreen Beaman joined the Advisory Board of Commonwealth Financial Network. Beaman also is Vice Chair of the Board of Directors for Orion Advisor Solutions and Chair of the Board for Brinker Capital Destinations Funds Trust. She previously served as president of Orion Advisor Solutions and led the post-merger integration with Brinker Capital.
Beaman joins existing Commonwealth Advisory Board members Mark Tibergien, former CEO of Pershing Advisor Solutions; Sanjiv Mirchandani, former President of National Financial Services (NFS); as well as Commonwealth executives Joseph Deitch, the firm’s Founder and Chairman; Wayne Bloom, CEO; Trap Kloman, President and COO; and Vice Chairmen Matt Deitch and Peter Wheeler.
“Commonwealth knows that standing still in this dynamic business is not an option,” Beaman said. “I am thrilled to be associated with such a firm and honored to join a distinguished group of industry thought leaders on the Board. I look forward to working together to ensure that Commonwealth continues to evolve and remains a forward-looking partner for its incredible advisors.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com