Cresset, Raymond James And LPL Are Recruiting For Experience, Not Just Assets

Wealth Management

Jun 30

Cresset, Raymond James and LPL Financial all added veteran advisor talent in a recruiting week that shows why experience is becoming one of the most valuable assets in wealth management.

The headline numbers are significant. Cresset added Heather Pelant to its San Francisco office, bringing experience advising on more than $2 billion in assets for ultra-high-net-worth families. Raymond James added Michael Compiano and Dan Porter, a West Des Moines, Iowa team from Commonwealth Financial Network that managed more than $400 million in client assets. LPL Financial added Michael Dworetsky through Lighthouse Private Wealth, with Dworetsky reporting approximately $200 million in advisory, brokerage and retirement plan assets.

But the asset totals are not the most important point.

Each move shows a different kind of veteran value. Cresset is adding family-office depth for complex wealth. Raymond James is adding a Commonwealth team with long-term planning experience and independent-channel appeal. LPL is adding a 45-year advisor whose move is strongly tied to continuity, multigenerational service and long-term client care.

That makes this recruiting roundup less about platform size and more about trust transfer. Firms are competing for advisors who already know how to hold complicated relationships, guide families through transitions and reassure clients that a platform change will not weaken the relationship they depend on.

TL;DR

Cresset added Heather Pelant as managing director and wealth advisor in its San Francisco office.
Pelant previously served as partner and managing director at Baker Street Advisors, where she advised on more than $2 billion in assets for ultra-high-net-worth families.
Pelant brings more than 25 years of experience across investment advisory, financial strategy, BlackRock, Morgan Stanley and global wealth markets.
Raymond James added Michael Compiano and Dan Porter from Commonwealth Financial Network to its West Des Moines branch.
The Raymond James team managed more than $400 million in client assets and operates as Two Oaks Wealth.
LPL Financial added Michael Dworetsky through Lighthouse Private Wealth.
Dworetsky reported serving about $200 million in advisory, brokerage and retirement plan assets and joined from StoneX.
Dworetsky brings 45 years of experience, with many client relationships spanning 35 to 40 years.
The common thread is veteran trust: each firm is recruiting advisors whose value comes from long relationships, specialized planning experience and continuity.
Main takeaway: advisor recruiting is not only about how much money moves. It is about whether the advisor’s expertise, niche and client trust can move successfully with the platform.

The Veteran Premium: Why Experience Is The Real Recruiting Asset

Cresset, Raymond James and LPL added veteran talent in a week that shows how much wealth firms value experienced advisors.

The word “veteran” matters here.

These moves were not about early-career advisors looking for a platform to grow from scratch. They were about established professionals with client relationships, planning experience and existing business value.

That changes the recruiting equation.

A veteran advisor does not only bring assets. A veteran advisor can bring:

long-standing client trust,
multigenerational family relationships,
proven planning habits,
staff and service routines,
niche client knowledge,
referral credibility,
succession value,
institutional memory,
local market reputation.

Those are difficult to build quickly. A firm can invest in technology, marketing and transition packages, but it cannot instantly create decades of client trust. That is why veteran advisor recruiting remains so competitive.

Three Different Kinds Of Veteran Talent

This roundup is not one story repeated three times.

Cresset, Raymond James and LPL each added a different kind of experience.

Cresset: Ultra-High-Net-Worth Family Complexity

Cresset’s move is about sophisticated family wealth.

Heather Pelant’s background fits clients with complex assets, philanthropy, women-led wealth decisions, family governance needs, concentrated positions and multigenerational planning questions.

That is a different recruiting prize from a traditional local retirement practice.

Raymond James: Independent Planning Continuity

Raymond James’ move is about independent-channel continuity.

Compiano and Porter came from Commonwealth, a source firm that has been heavily watched after LPL’s acquisition. Their move gives Raymond James another Commonwealth-related proof point and strengthens its Iowa presence.

LPL: Long-Cycle Client Stewardship

LPL’s move is about long-term client care and succession continuity.

Dworetsky’s 45-year career and 35- to 40-year client relationships make the move less about fast growth and more about preserving client relationships for future generations.

That is why the three moves belong together, but should not be written as identical recruiting wins.

Cresset’s San Francisco Hire Is A Family-Office Depth Move

Cresset welcomed Heather Pelant as managing director and wealth advisor in its San Francisco office.

Cresset said Pelant will advise ultra-high-net-worth families nationally as part of its integrated multi-family office. She previously served as partner and managing director at Baker Street Advisors, where she was also on the management committee and advised on more than $2 billion of assets for ultra-high-net-worth families.

That background makes the hire significant.

This is not simply an advisor with a large book moving firms. It is an advisor with experience serving families whose financial lives may include operating businesses, liquidity events, private investments, family governance, philanthropy, estate planning and tax strategy.

Why Cresset Needed This Kind Of Advisor

Cresset operates in a market where clients often expect more than investment management.

Ultra-high-net-worth families may need coordinated advice across several areas:

portfolio management,
private market access,
trust services,
estate planning coordination,
tax strategy,
philanthropic planning,
family governance,
next-generation education,
concentrated wealth,
business transition planning.

That kind of client does not want a fragmented experience.

They may have lawyers, accountants, trustees, business managers, foundation staff and family members involved in financial decisions. The advisor’s job is not only to pick investments. It is to coordinate the conversation and help the family make decisions across a complicated financial life.

Pelant’s background fits that need.

Pelant’s Background Adds More Than AUM

Pelant brings more than 25 years of experience in investment advisory and financial strategy. Before Baker Street Advisors, she held senior leadership roles at BlackRock and Morgan Stanley, with global experience across San Francisco, Toronto and Hong Kong.

That mix matters.

A family-office client may value an advisor who understands investment strategy, asset management, global markets and family decision-making. A purely local advisor may not be enough for families with cross-border, business, philanthropic or multigenerational complexity.

Project Worth Adds A Distinct Angle

Pelant is also co-founder of Project Worth, an initiative designed to build women’s capabilities around money, investing and wealth management.

That detail matters because more women are becoming key financial decision-makers as founders, executives, inheritors, spouses, widows, trustees and family office leaders.

The wealth industry has often underserved women by treating them as secondary participants in financial decisions. A platform that wants to serve complex families needs advisors who understand that family power dynamics are changing.

Pelant’s work with Project Worth gives Cresset a stronger story around women-led wealth and financial confidence.

The San Francisco Market Raises The Stakes

San Francisco is a natural market for this kind of hire.

The region includes founders, executives, investors, technology wealth, private company shareholders, venture capital families, philanthropic households and global family connections.

These clients may need help with:

liquidity events,
concentrated stock,
private company equity,
estate planning,
charitable giving,
tax-aware diversification,
next-generation education,
family governance.

Cresset’s San Francisco office gains a veteran advisor whose experience fits that market.

The Family-Office Question: Can Cresset Keep Winning Sophisticated Advisors?

Cresset’s challenge is not whether it can describe a sophisticated platform. It can.

The harder question is whether it can keep attracting advisors who already serve complex families.

That is where Pelant’s move becomes a signal.

If an advisor who served ultra-high-net-worth families at Baker Street chooses Cresset, the firm can point to that as evidence that its multi-family office model is credible to top advisors.

What Sophisticated Advisors Want

Advisors serving ultra-high-net-worth clients usually look for more than payout.

They may ask:

Does the platform support family office services?
Can it handle private markets?
Does it have tax and estate planning depth?
Can it support philanthropic planning?
Does it have trust capabilities?
Can it serve multigenerational families?
Does it have a long-term ownership structure?
Will the culture match client expectations?
Can the advisor remain client-first?

Cresset’s public message around institutional depth, client-first culture and long-term ownership is designed to answer those questions.

What Clients Will Want To Know

Clients following a family-office advisor will want reassurance.

They may ask whether Cresset changes their service team, investment access, reporting, planning process or family governance support. The transition has to feel additive, not disruptive.

For Cresset, the biggest test is whether the platform makes Pelant’s client relationships stronger without making the experience feel less personal.

Raymond James Adds Another Commonwealth Team In Iowa

Raymond James added financial advisors Michael Compiano and Dan Porter from Commonwealth Financial Network to its West Des Moines branch.

The advisors managed more than $400 million in client assets and are joined by registered financial assistant Shelly Kooiker and office manager Meghan Workman.

This move is important for two reasons.

First, it strengthens Raymond James’ presence in Iowa. Second, it continues the broader pattern of Raymond James recruiting teams from Commonwealth after LPL acquired Commonwealth.

Why Iowa Is More Important Than It Looks

Advisor recruiting coverage often focuses on coastal markets and large metro areas. But Midwest markets can be valuable because client relationships are often deep, local and long-lasting.

A West Des Moines practice serving individuals and families may have built relationships over decades. Those clients may care less about platform brand and more about advisor continuity, service style and trust.

That makes a team move more sensitive.

Raymond James has to preserve the relationship-based character of the practice while providing broader resources and technology.

Why The Support Staff Move Matters

The team is joined by Kooiker and Workman, which matters for client continuity.

Support professionals often carry the operational memory of an advisory practice. They know client preferences, paperwork history, service routines, scheduling patterns and recurring account needs.

When clients see that the advisor team and support team moved together, the transition may feel more stable.

That can be especially important when moving from a firm like Commonwealth, which has been known for advisor service and platform culture.

The Commonwealth Context Gives Raymond James A Stronger Angle

Commonwealth Financial Network remains a major source-firm story because LPL acquired the company in 2025.

Raymond James has been one of the firms recruiting from Commonwealth. That matters because Commonwealth advisors are not generic independent advisors. Many joined Commonwealth because they valued culture, service, independence and support.

When ownership changes, even if the buyer promises continuity, advisors may reassess what they want.

The Commonwealth Advisor’s Question

A Commonwealth advisor may not be asking, “Is LPL large enough?”

LPL is clearly large. It has scale, capital, technology and transition resources.

The more personal question is this:

Will the platform still feel like the firm I chose?

That is where Raymond James can compete.

Raymond James can position itself as a firm that offers scale, resources and independence while preserving a relationship-centered advisor culture.

Two Oaks Wealth As A Continuity Story

Compiano and Porter operate as Two Oaks Wealth.

That practice identity matters because advisors often want to preserve the brand and service style clients already know. Raymond James’ independent channel can give the team room to maintain its local identity while accessing broader platform resources.

For clients, the message should be simple: the firm affiliation changed, but the advisory relationship and local team remain intact.

LPL’s Dworetsky Move Is A Succession-And-Continuity Hire

LPL welcomed Michael Dworetsky to Lighthouse Private Wealth, with Dworetsky joining from StoneX.

He reports serving approximately $200 million in advisory, brokerage and retirement plan assets. He brings 45 years of industry experience, beginning in accounting before transitioning into wealth management.

This move has a different emotional center from the Cresset and Raymond James additions.

Dworetsky’s move is about long-cycle trust.

LPL’s announcement said his practice centers on long-term planning, multigenerational client relationships and personalized portfolio management for professionals, business owners, attorneys and accountants. Many of his client relationships span 35 to 40 years.

That is a rare kind of relationship depth.

Why A 45-Year Advisor Move Is Different

A late-career advisor move is not the same as an early-growth advisor move.

A younger advisor may be choosing a platform to build assets, recruit staff or scale quickly. A 45-year advisor may be thinking more about continuity, client care, succession, staff support and the next generation of client relationships.

That is why the Lighthouse Private Wealth affiliation matters.

Dworetsky’s public comments emphasized choosing a partner that could support a long-term transition for his clients. That is not a standard growth pitch. It is a stewardship pitch.

The Licensed Assistant Detail Matters

Dworetsky is joined by licensed assistant Nicole Bondellio.

Again, the support role matters because long-time clients may rely on familiar service contacts. A transition involving clients with decades-long relationships has to be handled carefully.

If clients are professionals, business owners, attorneys and accountants, they may expect precise service, clear communication and continuity.

LPL and Lighthouse need to make the move feel organized and personal.

Lighthouse Private Wealth Gives LPL A Local Continuity Layer

Lighthouse Private Wealth operates from offices in Palm Beach Gardens, Florida; Red Bank, New Jersey; and Manasquan, New Jersey.

That gives Dworetsky a local and regional support structure within the broader LPL platform.

This matters because veteran advisors may not want to move directly into a massive platform with no close operating community. A firm like Lighthouse can act as a relationship layer between the advisor and the national platform.

Why Advisors Value The Middle Layer

The middle layer can help with:

transition support,
staff integration,
client communication,
practice management,
technology adoption,
service escalation,
succession planning,
local culture,
peer support.

For LPL, the national platform provides scale. For Lighthouse, the local firm provides hands-on support. For Dworetsky, the combination helps address both client continuity and long-term transition planning.

Why LPL Benefits From This Type Of Hire

LPL supports more than 32,000 financial advisors, according to its own announcement. A platform that large needs several affiliation models and local support relationships to attract different advisor types.

Dworetsky’s move gives LPL a veteran-advisor example that is not only about growth. It is about preserving long-standing client relationships through a supported independent environment.

That is valuable in recruiting because many older advisors are thinking about the same question: who will care for my clients when I slow down?

The Three Moves Form A Client-Complexity Ladder

The best way to read this roundup is as a ladder of client complexity and advisor stage.

At the top, Cresset is recruiting for ultra-high-net-worth family complexity. In the middle, Raymond James is recruiting an independent planning team with regional relationships and Commonwealth roots. On the continuity side, LPL is recruiting a late-career advisor focused on multigenerational stewardship.

The three moves are different, but they all depend on trust.

Level One: Complex Families

Cresset’s Pelant hire is about families with complex financial lives.

These clients may need coordinated advice across investments, tax, estate, philanthropy, governance and private markets. The advisor must be able to handle complexity without fragmenting the client experience.

This is where family-office-style client needs become important across recruiting. Firms want advisors who can move beyond portfolio management and handle the full financial life of affluent families.

Level Two: Regional Planning Relationships

Raymond James’ Compiano and Porter hire is about planning and continuity in a regional market.

These clients may not need a full family office, but they still need retirement planning, long-term wealth counseling, investment management and relationship-based service.

The advisor’s value comes from knowing the family and staying present through life transitions.

Level Three: Multigenerational Stewardship

LPL’s Dworetsky hire is about preserving relationships built over decades.

When clients have worked with an advisor for 35 or 40 years, the platform move must answer a delicate question: will the relationship still feel secure?

That is where continuity becomes the product.

Why Veteran Advisors Are Harder To Recruit

Veteran advisors have more to lose in a transition.

They may have long-standing clients, established service habits, staff relationships, local reputation and a clear way of doing business. Moving firms can disrupt all of that.

That means firms must make a stronger case.

Transition Risk Is Higher

A veteran advisor may worry that clients will not want to move. Clients may be older, more conservative or deeply attached to old processes.

The destination firm has to help the advisor explain the move clearly.

Staff Integration Is Essential

Veteran practices often depend heavily on support staff.

If staff are not supported, the transition can become chaotic. That is why support professionals appearing in these announcements is important.

Platform Fit Matters More Than Hype

Veteran advisors are less likely to be impressed by generic recruiting language.

They want to know whether the technology works, whether the service team responds, whether client paperwork is manageable and whether the new firm respects how the practice serves clients.

Succession Is Always In The Background

Even when the advisor is still active, succession becomes part of the conversation.

Who will support clients later? Will a younger advisor be available? Will the platform help transition relationships? Will the practice retain value?

These questions are especially important in Dworetsky’s move, but they also apply to many veteran advisor recruitments.

What Firms Are Really Buying When They Recruit Veteran Talent

The asset number is only the visible part of the transaction.

The hidden value is the advisor’s relationship capital.

Client Trust

Clients who have stayed with an advisor for decades are not easy to replace. That trust can be more valuable than any single product or model portfolio.

Referral History

Veteran advisors often have referral relationships with accountants, attorneys, business owners, executives and families. Those referral networks can continue producing growth after the move.

Planning Judgment

Experienced advisors have seen market cycles, family disputes, liquidity events, tax changes, retirement transitions and estate issues. That judgment is difficult to train quickly.

Team Culture

A stable team can make clients feel secure during a transition. The advisor and support staff often move as a unit because the team itself is part of the client experience.

Succession Optionality

A veteran advisor with strong client relationships may create future succession opportunities for the platform, especially if the advisor wants a long-term home for clients.

What Clients Should Ask After These Moves

Clients do not need to understand every recruiting detail, but they should ask practical questions when an advisor changes firms.

For Cresset Clients

Clients should ask how Cresset’s family office resources will be used, whether the planning team changes and how investment, tax, trust, philanthropy or governance coordination will work.

For Raymond James Clients

Clients of Two Oaks Wealth should ask what changes after the move from Commonwealth, whether accounts require new paperwork and how Raymond James supports the team’s independent planning model.

For LPL And Lighthouse Clients

Dworetsky’s clients should ask how Lighthouse and LPL support long-term continuity, who will be involved in future service and whether planning, account access or reporting will change.

Questions All Clients Can Ask

Clients can ask:

Will I still work with the same advisor?
Will the same support team help me?
Will fees or disclosures change?
Will account numbers or statements change?
Will investment options change?
What new resources are available?
Why did the advisor make the move?
How does the move benefit my family?

Those questions help turn a recruiting headline into a client-centered conversation.

What Each Firm Has To Prove Now

The recruiting announcement is only the beginning.

Cresset Has To Prove It Can Deepen UHNW Service

Cresset must show Pelant’s clients that its multi-family office platform adds meaningful depth. That means better coordination, broader services and stronger family-office support without diluting the personal relationship.

Raymond James Has To Prove It Can Preserve Commonwealth-Style Service

Raymond James must show Compiano and Porter’s clients that the move strengthens the practice without changing its identity. Commonwealth advisors and clients may be sensitive to service culture, so Raymond James has to deliver on responsiveness and flexibility.

LPL Has To Prove Scale Can Still Feel Personal

LPL must show Dworetsky’s clients that a massive national platform can still support personal, long-term relationships through Lighthouse Private Wealth.

That is the challenge for all large platforms. Scale is useful only if the client still feels known.

Why This Roundup Says More About The Industry Than The Firms

These moves show where wealth management is heading.

Clients are becoming more complex. Families are more multigenerational. Advisors are aging. Platform competition is intense. Firms are trying to recruit advisors who can bring not only assets, but experience that matches the clients firms want to serve.

Complex Wealth Needs Integrated Advice

Cresset’s move shows the demand for advisors who can serve complex families.

Independent Advisors Still Want Culture

Raymond James’ move shows that independent advisors from firms like Commonwealth may still evaluate whether a platform feels right after industry consolidation.

Succession Is No Longer Optional

LPL’s move shows that late-career advisors need long-term client-continuity answers.

Together, these points explain why veteran advisors are valuable.

They bring the kind of relationship depth that platforms cannot manufacture quickly.

Where This Fits In The Wider Advisor Recruiting Market

This roundup fits the broader advisor recruiting market movement across wealth management.

Firms are not only competing for advisors with the highest AUM. They are competing for advisors whose experience fills a strategic need.

Cresset wants family-office expertise. Raymond James wants independent planning teams and Commonwealth talent. LPL wants veteran advisors who need technology, support and continuity.

That is why the same recruiting week can produce three very different moves.

The market is not only rewarding size. It is rewarding fit.

Reader Guide: Cresset, Raymond James And LPL Veteran Advisor Moves

What Did Cresset Announce?
Cresset added Heather Pelant as managing director and wealth advisor in its San Francisco office. She previously served ultra-high-net-worth families at Baker Street Advisors and advised on more than $2 billion in assets.
Why Does Pelant’s Move Matter?
Her move strengthens Cresset’s West Coast family-office presence and adds an advisor with experience in complex family wealth, women-led financial decision-making and multigenerational planning.
What Did Raymond James Add?
Raymond James added Michael Compiano and Dan Porter from Commonwealth Financial Network to its West Des Moines branch. The team managed more than $400 million in client assets and operates as Two Oaks Wealth.
Why Is The Commonwealth Connection Important?
Commonwealth advisors have been closely watched since LPL acquired Commonwealth. Raymond James’ ability to attract Commonwealth teams gives it a recruiting proof point in the independent advisor market.
What Did LPL Add?
LPL added Michael Dworetsky through Lighthouse Private Wealth. He joined from StoneX and reported serving about $200 million in advisory, brokerage and retirement plan assets.
Why Is Dworetsky’s Move Different?
Dworetsky brings 45 years of experience, and many of his client relationships span 35 to 40 years. His move is tied strongly to continuity and multigenerational client care.
What Is The Main Lesson?
The main lesson is that wealth firms are recruiting veteran advisors for specialized relationship value, not only assets. Experience, trust, niche expertise and succession readiness are becoming major recruiting advantages.

What To Watch Next

Cresset’s West Coast Recruiting Momentum

Watch whether Cresset continues adding advisors in San Francisco, Menlo Park and other West Coast wealth markets. More UHNW hires would reinforce its family-office growth strategy.

More Commonwealth-To-Raymond James Moves

Raymond James has already recruited multiple Commonwealth teams. More departures would show that the LPL-Commonwealth transition remains a recruiting opportunity for rivals.

LPL’s Late-Career Advisor Pitch

Dworetsky’s move gives LPL a useful story for older advisors thinking about continuity. Watch whether LPL and affiliated firms like Lighthouse continue attracting advisors who want a long-term home for clients.

Support Staff Retention

Support professionals will be important in all three moves. Smooth transitions often depend on whether service teams move with advisors and keep clients informed.

Client Retention

The true test is whether clients follow and stay. Recruiting headlines count assets before the move. The platform wins only when clients remain confident after the move.

Veteran Talent Is The Part Of Recruiting That Cannot Be Automated

Cresset, Raymond James and LPL all added experienced advisors, but the value of these moves is not only in the reported assets.

It is in the human knowledge attached to those assets.

Pelant brings experience with ultra-high-net-worth families, women-led wealth decisions and family-office-style complexity. Compiano and Porter bring independent planning relationships from a Commonwealth background into Raymond James. Dworetsky brings 45 years of client stewardship and relationships that extend across generations.

That kind of value cannot be created with a new technology rollout or a bigger recruiting check alone.

Technology matters. Platform scale matters. Transition support matters. But the advisor-client relationship still sits at the center of wealth management.

These moves show that firms are competing for advisors who can carry that trust across platforms.

The firms that win veteran talent are not only buying books of business. They are buying relationship history, planning judgment and continuity.

That is why this recruiting week matters.