Cetera announced that financial advisor Edward J. Duffy and his Lexington Financial team have joined the firm. The Braintree, Massachusetts-based team oversees approximately $608 million in assets under administration.
Lexington Financial is led by Duffy, who has more than 42 years of industry experience. The team includes John F. Walsh, CFP, Wealth Management Advisor; William A. Creesy, MBA, Wealth Management Advisor; Michael G. Duffy, CFA, Investment Coordinator; Megan Duffy, Client Service Coordinator; Elizabeth McMahon, Director of Operations; and John F. Walsh Jr., Client Service Associate.
The move follows the team’s 32-year affiliation with Commonwealth Financial Network. Duffy said the decision to explore alternatives was prompted by LPL Financial’s acquisition of Commonwealth, which led the team to evaluate several independent broker-dealers over a six-month due diligence process.
A key priority for Lexington Financial was preserving continuity for clients. This included maintaining access to Fidelity’s National Financial Services for custody and clearing, which Cetera supports.
The team also prioritized flexibility around third-party technology. Cetera’s model enables Lexington Financial to continue using tools that had become important to its client service model during its time with Commonwealth.
Cetera said the affiliation reflects its focus on supporting experienced, client-focused advisory practices that want independence, flexibility, and infrastructure without disrupting the client experience. Duffy also cited access to Cetera leadership as a factor in the team’s decision.
Cetera is a financial advisor Wealth Hub that supports independent advisors and institutions through personalized support, flexible affiliation models, technology, integrated wealth solutions, and growth resources. The firm serves approximately 12,000 financial professionals and institutions.
As of March 31, 2026, Cetera firms managed approximately $630 billion in assets under administration and $296 billion in assets under management. The company said its Voice of the Customer program has collected more than 40,000 advisor reviews and over 40,000 five-star ratings, giving Cetera a 4.8 out of 5 satisfaction score.
KEY QUOTES:
“Leaving Commonwealth wasn’t something we took lightly after 32 years – we wouldn’t have made a change if Commonwealth hadn’t been acquired, but that effectively made the decision for us. Our goal was finding a broker-dealer that allowed us to retain control of our processes while protecting the experience our clients were used to. Cetera helped create continuity for us, including maintaining Fidelity’s NFS, and other technology we had at Commonwealth. With Cetera, I had the sense we were dealing with people who run their business the right way. Tom went out of his way to meet with us personally. He’s been involved every step of the way, which helped make the transition, never a simple process, as seamless as you could hope for. When you can pick up the phone and reach the people who matter, that says something about how a firm is run, and that’s Cetera.”
Edward J. Duffy, CFP, Lead Advisor at Lexington Financial
“Ed and his team are exactly the kind of experienced, client-focused practitioners that Cetera is built to support. They were loyal to Commonwealth for decades because they met Ed’s standards. The fact they chose Cetera tells me we’re doing things the right way. We’re proud to welcome Ed and his team, and we’re committed to supporting their growth.”
Tom Halloran, Cetera Advisor Channel Leader
