$750M AUM Ryan Financial Group Joins Cetera Amid Commonwealth-LPL Merger
Ryan Financial Group, a Minnesota-based wealth management firm that oversaw approximately $750 million in assets under management as of 2022, has exited Commonwealth Financial Network to join rival Cetera Financial Group.
Founded in 1947, RFG is a third-generation firm led by John Ryan III, the grandson of founder John Ryan Sr. The firm operates offices in Hibbing and Minneapolis.
Joining John Ryan III and Greg Stalsberg, chief investment officer, in the transition to Cetera are Ryan Wahlund, director of wealth management; Heather Croke, a certified financial planner; and Collin Peterson, an investment research analyst.
According to the firm, it offers a comprehensive suite of services, including retirement plan consulting, estate planning, and tax planning. The move to Cetera follows a relatively short tenure at Commonwealth, which RFG joined in 2022 after departing Lincoln Financial Group.
RFG’s departure comes during a period of adviser turnover for Commonwealth Financial Network. Since the announcement of its sale to LPL Financial in March 2025, a report from AdvizorPro and Muriel Consulting found that 654 advisers – more than 22% of Commonwealth’s adviser base – have moved their registrations elsewhere.
Despite these departures, LPL Financial has expressed optimism about the $2.7 billion deal. LPL is targeting a 90% asset retention rate and said on a recent earnings call that advisers in the “low-80% range” have already signed agreements to remain.
LPL has reportedly offered Commonwealth executives cash bonuses ranging from hundreds of thousands to millions of dollars, according to reporting by Citywire.
The acquisition, which is expected to close in late 2026, is projected to generate approximately $425 million in run-rate earnings before interest, taxes, depreciation, and amortization, according to previous reporting by AltsWire.
While losing firms like RFG to competitors like Cetera, LPL Financial continues to report record scale. The firm ended 2025 with $2.4 trillion in total assets. Rich Steinmeier, LPL’s chief executive officer, characterized 2025 as a year of “industry-leading organic growth,” noting the successful closing of acquisitions including The Investment Center and Commonwealth.
The integration of Commonwealth remains on track for late 2026, even as rivals like Cetera continue to pick up established teams seeking alternatives to the newly consolidated giant.
Last month, independent financial adviser Jamie Hatfield and his firm, Jamie L. Hatfield Wealth Management, joined Cetera’s Summit Financial Networks platform. Based in Northern Kentucky, Hatfield oversees approximately $170 million in assets under administration and had been affiliated with Commonwealth for 13 years.
Cetera Financial Group, owned by Cetera Holdings, encompasses Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Wealth Services, Cetera Advisors LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC.
Cetera Holdings is home to approximately 12,000 financial professionals and their teams. It oversaw approximately $625 billion in assets under administration and $284 billion in assets under management as of Sept. 30, 2025.
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