O'Reilly family practice leaves LPL for Osaic with $250 million

A $250 million St. Louis practice has left LPL Financial for Osaic, joining Millenia Investments in what the two firms call a full-circle succession story. Patrick O'Reilly, who leads the Chesterfield, Missouri firm his father Michael founded, becomes a financial advisor at Millenia, with Carrie Wyatt joining as a service advisor support specialist. InvestmentNews first reported the move.

O'Reilly LLC has served the greater St. Louis market for more than 50 years, working with private investors, business owners and ERISA retirement plans. The full-circle label comes from a relationship that predates the deal: Stephen Serati, now Millenia's president, was an early mentee of Michael O'Reilly and later served as the elder O'Reilly's first succession partner before Patrick took over the family business. Serati, who runs Millenia with Samantha Estrada, said the two firms share deep roots in St. Louis and a common belief that strong financial guidance begins with trust.

Patrick O'Reilly said the move keeps the firm's personal-service model while adding infrastructure. Through Millenia's Osaic affiliation, the combined firm gains access to OneView, Osaic's consolidated reporting platform; DirectChoice and the Wealth Management Platform for investments; and tax-planning software built for high-net-worth relationships. The technology list is standard in modern platform moves: a small practice keeps its clients and borrows the machinery of a large one.

Millenia is the kind of partner a family firm might want in a succession deal: it is run by people with direct history in the O'Reilly lineage. Serati's early mentorship under Michael O'Reilly and his role as first succession partner make this less a recruiting win and more a homecoming. Osaic, with Millenia as its affiliate, gets a client book with a multigenerational story to tell other would-be sellers.

The same InvestmentNews report adds Cetera to the recruiting ledger. Cetera has brought on Kim Hellerman-Hersman, her family-run Harbor Financial Advisors, and advisor Bryan T. Fox. The team manages roughly $175 million in assets under administration and serves clients in more than 20 states.

Hellerman-Hersman spent 24 years at Concourse Financial Group Securities before moving to Commonwealth in 2023. Fox joined her practice in 2018. Several of her former Concourse colleagues already sit on the Cetera platform through a deal announced in November and completed early last year. That thread — consolidation turning former colleagues into your next set of neighbors — is increasingly how the independent channel recruits.

Both moves are, in their way, about relationships outlasting platforms. O'Reilly's clients trade LPL for a trust link to Serati. Harbor's clients trade Commonwealth for a network that includes people Hellerman-Hersman has worked with for decades. For a small firm choosing a home, the people across the table now matter as much as the platform underneath.