Advisor moves: Osaic empowers $1.5B Gateway Investments team with W-2 switch

Gateway Investments, a large independent practice with Osaic, has jumped to the hybrid RIA's W-2 channel in what the firm describes as a continued expansion.

The Garden City, New York-based practice led by managing director Thomas Santucci had operated within Osaic's independent contractor channel since 2004.

Now with six advisors and approximately $1.5 billion in assets, Gateway Investments' decision to transition to the W-2 world gives it access to what Osaic describes as enhanced operational infrastructure and technology, which the team expects will allow it to spend less time on back-office functions and more time with clients.

"Our priority has always been delivering high-quality advice and building lasting relationships with our clients," Santucci, whose 30-year record with FINRA includes his early years with Salomon Smith Barney and UBS, said in a statement. "Transitioning to Osaic's Empowered Independence model allows us to focus more of our time on those relationships while also investing in the future of our firm and the next generation of advisors."

Cindy Hamel, who heads the Empowered Independence channel at Osaic, said the firm views the Gateway Investments move as consistent with broader demand for platforms that combine independence with institutional support.

Counting a similar switch made by Pointes North Wealth Management, Osaic has added more than $2 billion in assets to its W-2 unit this month alone.

Raymond James adds $400 million Merrill duo

In Kentucky, Raymond James welcomed Seth Lawless and Charters "Jay" Osborne, who previously managed approximately $400 million in client assets at Merrill Lynch.

The two advisors have joined Raymond James & Associates, the firm's employee channel, and are operating as Osborne Lawless & Associates out of Lexington.

The team, which also includes client relationship consultant Rob Mitchell and senior registered client relationship associates Karie Howard and Lee Ann Myers, focuses on multigenerational families, business owners, health care professionals, and retirees. The group was named a 2026 Forbes Best-in-State Wealth Management Team.

Lawless, who arrives with more than 15 years of industry experience as a senior vice president of wealth management, cited Raymond James' technology platform as a factor in the move. 

Osborne brings 25 years of industry experience to the partnership. He is described in the announcement as a second-generation financial advisor.

RBC extends New Jersey reach with $542 million quintet from UBS

The Banks Carter Group has left UBS to join RBC Wealth Management's Mount Laurel, New Jersey, branch.

The five-person team group, which managed $542 million in client assets at UBS, serves the Philadelphia market.

The team is led by Bill Banks, managing director and senior portfolio manager, and Sean Carter, senior vice president and portfolio manager. They are joined by associate vice president Rory Banks, senior registered client associate Jasmine Richardson, and client associate Jennille Garcia.

The group collectively claims nearly 100 years of combined experience in financial services.

Philadelphia complex director Scott Ceniccola said the addition gives the branch deeper capability in wealth planning and tailored portfolio construction. 

The Banks Carter Group marks the latest in the continuing stream of advisors departing from UBS, which was among the firms hardest-hit by attrition last year, according to one industry report. But the Switzerland-based financial giant is positioning for a turnaround, with its recent approval for a national bank license and higher-than-expected first quarter earnings offering some reassurance for its investors.