Deals & Moves: $608M Commonwealth Team Chooses Cetera

The wealth management industry continues to see significant consolidation and recruitment activity, highlighted by Cetera’s acquisition of a $608 million team from Commonwealth Financial Network. Other major developments include Concurrent Investment Advisors taking a minority stake in a $750 million firm and The AmeriFlex Group adding $1.7 billion in assets during the first half of 2026. These moves underscore a broader trend of advisors seeking enhanced technology, succession planning tools, and stable custodial relationships amid shifting corporate ownership structures.

Cetera has successfully recruited Lexington Financial, a Braintree, Mass.-based team led by Edward Duffy that manages approximately $608 million in client assets. Duffy, along with advisors John Walsh and William Creesy, departed Commonwealth Financial Network after 32 years, citing Commonwealth’s acquisition by LPL Financial as the primary catalyst for the move. Following six months of due diligence, the team selected Cetera to ensure uninterrupted access to custody through Fidelity Investments’ National Financial Services, a move orchestrated by Cetera Wealth Management President Todd Mackay.

In other RIA developments, Tampa-based Concurrent Investment Advisors made a minority investment in Potomac Financial Group, an Ashton, Md.-based firm managing over $750 million. Led by Managing Partner Todd Wike, the Potomac team left Raymond James to leverage Concurrent’s expanded technology stack and practice management resources. Simultaneously, Las Vegas-based The AmeriFlex Group reported adding 18 advisors and $1.7 billion in assets in the first half of 2026. The firm, which utilizes an AI-powered matching tool to facilitate succession planning, is currently on track to exceed its annual growth target of $3 billion.

M&A activity also extended to regional players, with F.L.Putnam Investment Management Company acquiring New Hampshire-based Seascape Capital Management and its $500 million in assets under management. This acquisition strengthens F.L.Putnam’s presence in New England and integrates Seascape’s team, led by CEO Monica McCarthy, into the $11 billion firm. Additionally, Lubbock-based Victory Bank entered the wealth management sector by acquiring a 40% stake in McDonald Capital Management. The fee-only RIA, which manages $350 million, will maintain its independent operations and name while providing the bank with a strategic foothold in fiduciary services.