The Lansdowne/Boca Raton Private Wealth Management group with approximately half a billion dollars under management has left AXA Equitable Financial Services to join Cambridge Investment Research.
AXA said that the team, which includes five advisors, has approximately US$2.6 million in annual production, according to Financial Planning.
Robert Braitis, president and chief investment strategist of the group said that the departures follow AXA plans to structure its compensation plan, under which offices in different regions are treated separately.
"It’s a very opaque system that didn’t allow a lot of continuity between offices in different geographic locations," added Braitis.
Cambridge Investment Research now has US$53.4 billion in assets under management and 2,400 independent registered representatives in its network.