A California advisory team with $700 million in assets said this week that it had joined forces with Stratos Wealth Partners after leaving Osaic’s Royal Alliance. Stratos made the announcement yesterday.
Pettinelli Financial Partners was founded by Dennis Pettinelli, and the move to Stratos was prompted in part by his succession plan, in which he will turn over leadership of the firm and its staff of 20, including advisors and support members, to his son, Jon Pettinelli.
Royal Alliance, as well as the other brands of the former Advisor Group, were consolidated last year, and the combined firms were rebranded as Osaic in June. The former Advisor Group reps were known to be loyal to their brands, something noted by recruiters in the last few months. Two defections from Osaic, including Pettinelli, were announced in just the last two days.
Before launching Pettinelli Financial Partners, Dennis Pettinelli was responsible for recruiting and training financial professionals at John Hancock. Jon Pettinelli joined his firm in 2001 and has served as director of operations and president. The move to Stratos was also prompted by Pettinelli Financial’s desire to work with a hybrid firm with multiple custodians, Jon Pettinelli said in a statement. Stratos Investment Management is a portfolio manager and RIA under the Stratos Wealth Holdings family of companies.
“Dennis, Jon and their team have built an incredible business helping multi-generational clients achieve financial goals and preserve wealth for future generations," said Charles Shapiro, a Stratos founding partner, in a statement. "We look forward to supporting their needs in practice management, recruiting and investment management strategies."
"Stratos' extensive experience driving growth in firms like ours will help guide our new leadership after our transition,” said Dennis Pettinelli in a statement.
Stratos Wealth Partners is based in Beachwood, Ohio. It has a total of $20.2 billion in client assets under management and advisement.