Cetera Financial Draws $350M FA Team from Osaic Wealth

Cetera Financial Group has added a financial advisor and his team, which oversees about $350 million in total client assets from Osaic Wealth.  

Founder and president of Edina, MN-based MTI Financial Advisors, Douglas Morey and his team have joined Cetera’s multi-affiliation model Summit Financial Networks. 

MTI Financial Advisors, founded in 1988, offers “specialized” wealth management services, including estate and tax planning, investment management, financial planning, and risk management to high-net-worth clients, including business owners, pre-retirees, and retirees.  

The team also includes advisors Christopher Bayliss and Thomas Scheck and has a branch office in Florida, Cetera said. 

“The model that Summit and Cetera presented – large-firm resources with a personalized, relationship-based approach – brings MTI back to the type of firm we want to associate with,” Bayliss said. 

Morey was registered with Investacorp, under Ladenburg Thalmann, from 1989 to 2020, and then transitioned to Securities America according to his BrokerCheck profile.  

Investacorp was integrated by Osaic, which was formerly known as Advisor Group, following its merger with Ladenburg Thalmann in 2020. 

“Over time, MTI found itself absorbed into progressively larger entities – ending with Osaic – and proactively sought a new broker-dealer relationship that better matched its culture,” Cetera said. 

Cetera’s latest addition comes after the firm added Harleysville, PA-based Tupelo Wealth Partners, which oversees about $490 million in assets under administration from Commonwealth Financial Network. 

Cetera Financial Group manages $630 billion in assets under administration and $296 billion in assets under management, as of March 31, the firm said. 

Pictured: MTI Financial Advisors