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Kestra Lures Veteran Reps from RJ, DA Davidson

By Alex Padalka February 26, 2018

Kestra Financial has picked up two advisors from DA Davidson and Raymond James who collectively oversaw over $215 million, Kestra says in a press release.

Ed Klein, who’s been in the industry for 35 years and spent the last two decades at DA Davidson, has formed Harbor Investment Advisors in Aberdeen, Wash., and joined Kestra, according to the press release. Graham Pearce, who’s been in the industry since 1987 and spent the last seven years at Raymond James, joins Kestra Private Wealth Services affiliate Stone Beacon Capital as its chief investment officer, Kestra says. Prior to Raymond James, Pearce had a brief stint at Morgan Stanley and spent 14 years with Merrill Lynch, according to his BrokerCheck profile.

Kestra has been scooping up advisors from rivals and making acquisitions in recent months. In December, the company brought on a team of advisors who previously managed $68 million at UBS Financial Services.

At the end of the year, Kestra also completed the acquisition of H. Beck, which has 600 reps, from Securian Financial Group, although it’s unclear how many advisors will come on board.

Also aiming for growth is one of the largest Super OSJs affiliated with Cetera Advisors. Horizon Financial Group, which claims it’s the second-largest Super OSJ on the platform, currently has 45 affiliated independent financial advisors managing, advising and consulting on around $2 billion across the country, Horizon says in a press release. The company’s “new strategic vision” includes plans to bring on 55 more indie advisors with more than $2 billion to $3 billion in assets under advisement in the next four years, according to the press release. Horizon also plans to allocate up to $3 million to acquire independent practices and 401(k) books of business, the company says.