LPL Financial said Wednesday that BMG Advisors has joined its broker-dealer and corporate registered investment advisor platforms from Waddell & Reed. The group has about $220 million of client brokerage and advisory assets.

BMG Advisors, formerly Buford-Malone Group, has operated in the Kansas City, Missouri, area for 35 years and includes Jennifer Malone, Andrew Rogers, Adam Hawley and Stephen Minshull, all of whom are former college athletes.

“We chose LPL because of the impressive technology and tools they offer that we believe can provide additional value to clients and help our business evolve,” according to Malone, who has been in the business for 11 years. “We also found LPL’s localized support system to be a huge asset.”

With the slogan, “Plan Your Story,” BMG’s advisors focus on financial planning and helping clients pursue their financial aspirations, LPL says.  

“We are pleased to welcome BMG Advisors to LPL,” explained Rich Steinmeier, LPL managing director and divisional president of business development. “We are proud BMG Advisors chose LPL to be their partner for the future and look forward to supporting them in their valuable work.”

Raymond James’ News

Meanwhile, Raymond James says it has recruited a team from Wells Fargo Advisors to its independent channel and an advisor from UBS to its employee channel.

Coming over from Wells Fargo are Benjamin Lewis Jr., who has been an advisor for 23 years after starting at A.G. Edwards, and Christopher Amys, CFP, in Asheville, North Carolina, who has nine years of industry experience. The work as Elk Mountain Wealth Partners and have managed $185 million in client assets.

“Our decision was primarily based on Raymond James’ reputation for putting clients first and allowing advisors to manage their businesses the way they know best,” according to Amys. “We believe the freedom Raymond James gives advisors and the level of support are unparalleled in our industry.”

Amys began his financial-services career at Wachovia Securities, which later became Wells Fargo Advisors, where he most recently served as a vice president, investment officer and a discretionary portfolio manager. Earlier, he was a class A PGA golf professional.

Advisor James Melstrom, CFP, moved to Raymond James & Associates in Bloomfield Hills, Michigan, from UBS with about $110 million. He has been in the business for 25 years (including time with Prudential and Morgan Stanley) and also is a Certified Divorce Financial Analyst.

“Raymond James helps empower their financial advisors,” said Melstrom, in a statement. “I was very impressed by the infrastructure and marketing support they provide to allow advisors to grow their businesses. They are willing to invest in me to help me provide the kind of service my clients need.”

“We are excited to welcome Jim to the firm, and we look forward to supporting him and his clients as he continues to grow his practice,” said John Kuklenski, Northern division director for RJA.

Developments at Cetera

In other news, Cetera Financial Group says advisors who have affiliated with its broker-dealers over the past few weeks could bring over $650 million in client brokerage and advisory assets to the firm.

“We are committed to enabling advisors with the capabilities to consistently provide a high-caliber, Advice-Centric Experience for clients,” explained Cetera President Adam Antoniades, in a statement. “We welcome all the new affiliations and look forward to supporting them with tailored support, technology, resources and consulting that is unmatched in this profession.”

According to Joseph Polsinelli with Cetera Financial Specialists: “I left Cetera but once I moved, I realized that my experience was night and day compared to all that Cetera has to offer.” He has been in the business for over 20 years, according to FINRA BrokerCheck, and left to affiliate with LPL Financial for several months earlier this year.

Shanna J. Kehoe of Diamond Wealth Management, spent the past years with LPL but recently moved to First Allied. He has about 14 years in the business.

“In my transition to First Allied [a Cetera firm], I have been delighted with the support provided by the leadership team and everyone associated with the organization,” Kehoe explained in a statement. “It is the environment I was seeking for me and my clients. Since transitioning, my business has grown substantially thanks to the support of everyone around me.”