Two Merrill Teams Combine At Wells Fargo FiNet In $1.4B Move
Two former Merrill Lynch advisory teams have combined under a new Wells Fargo Advisors Financial Network practice, adding another large breakaway to a busy recruiting stretch in wealth management.
The new practice, Twin Harbors Private Wealth, is based in Melville, New York. Before the move, the advisors worked across two Merrill teams and managed more than $1.4 billion in client assets.
The move is not only about the asset number. It also shows how large advisory teams are weighing independence, branding, client service control and access to institutional resources. At the same time, Osaic added a North Carolina team from LPL, while Raymond James continued expanding FNBO’s bank-based investment program.
TL;DR
Breakaway scale: Two Merrill Lynch teams combined to form Twin Harbors Private Wealth at Wells Fargo FiNet with more than $1.4 billion in client assets.
Practice control: The move gives the advisors more room to shape operations, branding, client communication and long-term business design.
Osaic expansion: Du Lac Wealth Services joined Osaic from LPL with about $200 million in client assets and a growth strategy tied partly to acquisitions.
FNBO momentum: Raymond James added Peter Braun and K.C. Hosey to First Investments & Planning at FNBO with about $515 million in client assets.
Industry signal: The moves show how advisor recruiting is increasingly shaped by autonomy, transition support, growth resources and platform fit.
Why The Wells Fargo FiNet Move Stands Out
The largest move in this roundup is the formation ofTwin Harbors Private Wealth at Wells Fargo Advisors Financial Network, also known as FiNet.
The practice includes managing partners Jeff Wang, Joseph Ilg and John Rizzo. Partners Corey Streim and Kyle Napolitano also joined, along with Daniel Sporn, CFP, who serves as first vice president. The team is supported by Alyssa Oviasogie, Denise Bonifazio and Diane Gibbons.
Before the transition, the advisors operated through two separate Merrill Lynch teams. By combining at Wells Fargo FiNet, they created one independent-channel practice with a larger operating footprint, shared identity and more direct control over how the business presents itself to clients.
What Changed For The Merrill Teams?
Business model: The advisors moved from Merrill’s traditional wirehouse environment into Wells Fargo’s independent advisor channel.
Client design: The new structure gives the team more room to shape planning, communication and service delivery around its own client model.
Brand identity: The group now operates as Twin Harbors Private Wealth instead of remaining split across two separate Merrill teams.
Operational choice: The practice can make more decisions around internal workflow, growth strategy and day-to-day business management.
Transition goal: The combined platform gives the advisors more scale while preserving a team-based approach to client relationships.
How FiNet Gives Teams A Middle Path
Wells Fargo FiNet sits between two models that many large advisor teams compare carefully: the traditional employee channel and full independence.
That middle path can be attractive because advisors may want more business control without building every operational system alone. Large teams still need compliance support, custody, planning tools, research access, transition help and technology. The difference is that FiNet can give them more freedom to decide how the practice looks and feels to clients.
This also explains why Wells Fargo FiNet has become part of a wider conversation aroundindependent advisory operations. For many teams, the question is no longer simply whether they want independence. It is how much independence they want while still keeping the resources of a major platform.
Why The Model Can Appeal To Large Teams
Institutional backing: Advisors can use the resources of a major financial firm while running a more independent practice.
Flexible structure: Teams can build around their own planning process, internal workflow and client communication style.
Local ownership: Practices can create a distinct market presence without fully separating from a national platform.
Client continuity: Advisors can move into a new structure while keeping familiar team relationships in place.
Growth capacity: Larger groups can support staff, clients and business development without building every system alone.
How The Move Fits Into Wells Fargo’s Long Island Recruiting Push
Twin Harbors is not the only major former Merrill team to land at Wells Fargo FiNet in Melville.
Earlier this year, Wells Fargo FiNet added Infinity Private Wealth, another former Merrill Lynch team in the same Long Island market that reportedly managed $1.8 billion. That makes the Twin Harbors move part of a broader local recruiting pattern rather than an isolated hire.
Long Island is a valuable wealth management market because it has a deep base of affluent families, business owners and multigenerational clients. Advisor teams in that region often compete on personal relationships, estate planning coordination, investment access and long-term family guidance.
What Wells Fargo Gains In The Region
Market depth: Twin Harbors adds another large advisory team in a competitive Long Island wealth market.
Recruiting visibility: The move gives Wells Fargo FiNet another high-profile former Merrill group in Melville.
Advisor credibility: Large team moves can influence how other advisors view the independent-channel option.
Client reach: The practice adds scale among affluent and high-net-worth client segments.
Channel momentum: The addition strengthens FiNet’s position as more advisors evaluate supported independence.
Osaic Adds Du Lac Wealth Services From LPL
Osaic also announced a recruiting win withDu Lac Wealth Services, a Cary, North Carolina-based advisory team that moved from LPL Financial.
The team brings about $200 million in client assets. It is led by Managing Director James Mertens, CFA, who has roughly two decades of industry experience. Wealth advisors Garrett Railsback and Kerry Goodman also joined, along with client experience manager Jaunt’e Smith.
This move has a different shape from the Wells Fargo story. It is not about two large teams combining into one new brand. Instead, it centers on a growth-focused practice that wants more resources for acquisitions, client continuity and long-term business development.
Why Du Lac’s Acquisition Strategy Matters
Retiring advisors: Du Lac Wealth has focused part of its growth strategy on acquiring books from advisors nearing retirement.
Client handoffs: Those transitions require careful communication because clients may have worked with the same advisor for years.
Portfolio movement: Tax-aware planning can matter when accounts, holdings and investment strategies change hands.
Relationship protection: The practice has emphasized continuity so clients do not feel lost during ownership changes.
Platform support: Osaic can help the team pursue acquisition opportunities with added resources and operational backing.
Raymond James Strengthens FNBO’s Investment Program
Raymond James added another bank-channel team through its Financial Institutions Division, bringingPeter Braun and K.C. Hosey to First Investments & Planning at FNBO.
The Kansas City, Missouri-based advisors manage approximately $515 million in client assets. They previously operated through UMB Financial Services and serve high-net-worth individuals, families and business owners.
Their move continues a strong run of growth for First Investments & Planning. Raymond James said the FNBO program has added nine advisors representing more than $1 billion in client assets since January.
Why Bank-Based Wealth Programs Are Competing Harder
Client access: Banks often have existing relationships with families, business owners and local institutions.
Local trust: A familiar bank brand can help support wealth management conversations in established markets.
Advisor resources: Raymond James adds investment tools, platform support and advisor infrastructure behind the bank relationship.
Program scale: FNBO can deepen its wealth management offering by adding experienced advisors with existing client bases.
Regional growth: The Braun and Hosey addition gives First Investments & Planning more depth in the Kansas City market.
The Bigger Story Is Advisor Control
These three moves involve different firms, markets and asset levels. Still, they all point to the same issue: advisors want more control without losing the support they need to serve clients well.
That balance is becoming more important as advisory practices grow more complex. Advisors need technology, compliance support, investment access, planning tools, transition resources and client service infrastructure. At the same time, many teams want more freedom to shape how clients experience the firm.
The recruiting fight is no longer just about which platform can announce the largest asset number. It is also about which platform can help advisors protect client relationships, manage growth and build a practice that matches their service model.
How Each Platform Is Making Its Case
Wells Fargo FiNet: Offers independence with the backing of a large financial institution.
Osaic: Provides flexible support for independent teams focused on growth and acquisitions.
Raymond James: Builds through financial institutions that want stronger wealth management programs.
FNBO: Strengthens its bank-based investment program by adding experienced advisor teams.
Twin Harbors: Shows how large wirehouse teams may combine around independence and client experience.
What Readers Should Watch Next
The next phase will depend on whether these platforms can turn recruiting wins into long-term retention.
Large moves often make headlines because of the assets involved. The harder part comes after the announcement, when teams have to transition accounts, train staff, reassure clients and adjust daily operations.
For Wells Fargo FiNet, the question is whether Twin Harbors can use independence to build a stronger client experience. For Osaic, the focus will be whether Du Lac Wealth can use its new platform to accelerate acquisitions. For Raymond James and FNBO, the key issue is whether the bank-based program can keep adding experienced advisors while maintaining service quality.
These are the details that make advisor recruiting more than a numbers story. The asset totals matter, but the real test is whether the new platform helps the practice serve clients better over time.
Frequently Asked Questions About The Advisor Moves
Why Did The Merrill Teams Combine At Wells Fargo FiNet?
The former Merrill teams combined at Wells Fargo FiNet to form Twin Harbors Private Wealth, a new independent-channel practice in Melville, New York. The move gave the advisors more autonomy while still keeping access to the resources of a major wealth management firm. For large teams, that structure can support more control over planning, technology, communication and business growth.
What Is Wells Fargo FiNet?
Wells Fargo Advisors Financial Network, commonly called FiNet, is Wells Fargo’s independent advisor channel. Advisors in this model operate with more business independence than traditional employee advisors while still using Wells Fargo’s platform, tools and wealth management resources. It can appeal to teams that want more control without fully leaving a large-firm environment.
Why Is Osaic’s Du Lac Wealth Move Important?
Du Lac Wealth Services is important because the move highlights acquisition support as a recruiting theme. The North Carolina team has emphasized growth through acquiring books of business from retiring advisors, which requires careful planning, client communication and operational support.
How Does The Raymond James FNBO Move Fit Into The Broader Story?
The Raymond James move shows how bank-based investment programs are also competing for advisor talent. Peter Braun and K.C. Hosey joined First Investments & Planning at FNBO with about $515 million in client assets, helping deepen FNBO’s wealth management presence while giving Raymond James more scale inside a financial institution program.
What Do These Moves Say About Wealth Management Recruiting?
These moves show that advisor recruiting is becoming more nuanced. Firms are competing on independence, technology, transition resources, acquisition support, cultural fit and the ability to preserve client relationships during a move. The asset figures matter, but the longer-term issue is whether each platform can help advisors serve clients better after the transition.
Further Reading
Two Merrill Lynch Teams With $1.4B Join Up At Wells FiNet In New York: More detail on the Twin Harbors Private Wealth team and its move from Merrill Lynch to Wells Fargo FiNet.
Du Lac Wealth Services Joins Osaic From LPL Financial With $200 Million In Client Assets: Osaic’s announcement on the North Carolina team’s transition from LPL Financial.
Raymond James Welcomes $515 Million Advisor Team To Investment Program At FNBO: Raymond James’ announcement on Peter Braun and K.C. Hosey joining the FNBO program.
Tomer Mizrahi Joins Wells Fargo FiNet With Fischman Azar Group: A related NJ Financial News article on another advisor move involving Wells Fargo FiNet’s independent advisory channel.
