As M&A affects part of the US wealth management ecosystem, it is – at least according to one advisor firm – making businesses reconsider their business models, choices of affiliation and service agreements.

Cetera, a network of wealth managers, said yesterday that it has brought a $365 million advisor, Christian Benard (pictured below), to its cluster of tax-focused financial professionals – Avantax. 

Based in Troy, Michigan, Benard's firm operates integrated wealth management and tax practices. Previously, he had used the services of Commonwealth Financial Network, but wanted to change after that firm was bought by LPL in March. (See this detailed analysis of that transaction here, by our US correspondent.)

"Our goal is to be a one-stop-shop for clients by going more in-depth, like talking with clients about how we can help improve their tax situation based on their investments. Our more holistic approach to wealth management aligns perfectly with Avantax," Benard said.

Bernard continues to use the Fidelity NFS offering for custody and clearing.

Christian Benard

Explaining the shift, Benard said LPL's acquisition of Commonwealth prompted his search for a new broker-dealer. 

"It's bittersweet leaving Commonwealth, which we did only because they were acquired, but I know coming to Cetera and Avantax is going to be a good move," Benard said. 

During his search for a new broker-dealer, Benard said he found some that could have been a fit, but he wouldn't be able to continue using Fidelity's NFS or his DBA – Innovative Financial Inc – and that mattered.

"We do a lot of work with Fidelity because of NFS, and that's one of the things that got my search started," Benard said. "Some other broker-dealers were limiting, and ultimately, I wouldn't have been able to run my business how I want. Cetera was very clear they support advisor independence, and I want to always follow a fiduciary standard because when people come to us, they're looking for what's best for them, and I feel like that I have the support from Cetera and Avantax to do that."

A number of former Commonwealth advisors are on the move. For example, Osaic, the wealth management group, yesterday said that Four Pillars Investment Management ($143 million) has joined its network in Cape Coral, Florida. Other ex-Commonwealth advisors joining Osaic include Hinck Private Wealth Management, Virtus Wealth Solutions and Gallagher Financial Services. Several ex-Commonwealth advisors have moved to groups such as Raymond James.

However, there has been traffic in the other direction:  LPL Financial says it has welcomed a number of wealth advisory firms to its embrace recently. Last week, for example, it said the partners of Edge Wealth Advisory Group joined its broker-dealer and RIA platform. They reported serving approximately $200 million in advisory, brokerage and retirement plan assets and joined LPL from Raymond James. Edge Wealth has offices in the Austin area of Texas. A week earlier, Shawn Gentle, of Gentle Family Wealth Partners, joined LPL. He reported serving about $280 million in advisory, brokerage and retirement plan assets, also joining from Raymond James.

Earlier this week, Cetera launched a suite of customizable investment portfolios. The new offering is called Cetera Private Wealth Portfolios. Aimed at affluent and high net worth households, the portfolios are open to Cetera-affiliated advisors exclusively through the Envestnet Private Wealth platform.