Cetera recruits Commonwealth advisor Cynthia Doussard, $235M AUA

Cetera has recruited Cynthia Doussard, a Commonwealth Financial Network advisor in Burlington, Wash., who oversees about $235 million in assets under advisement. Financial Advisor Magazine reported the move, which brings Doussard and three staff members to Cetera's Summit Financial Networks.

Doussard had been with Waltham, Mass.-based Commonwealth since 2002 and began her career in 1995, according to BrokerCheck. Her practice, Doussard Financial, serves clients across Northwest Washington and has strong ties to the region's oil refinery community, according to a release. Its work centers on retirement income planning, including pension and 401(k) rollover guidance.

The move is the latest in a string of Commonwealth advisors who have left for Cetera since LPL bought Commonwealth last year, according to Financial Advisor Magazine. PWD's records list three other Commonwealth advisor moves since mid-August, with disclosed books of $352 million, $420 million and $684 million. LPL has projected that retention of Commonwealth advisors will climb to 90%, per this publication's August reporting.

Doussard said in the release that she had hoped to finish her career at Commonwealth, but the sale of the firm changed that, and that she had fielded inquiries from recruiters and broker-dealers while searching for a firm offering the same relationship she had there. "As advisors, we're the client," she said, "and I see Cetera wanting to support us and take care of what we need, while leaving the business decisions up to me."