Four advisors who generated $2.7 million in production with Ameriprise have left to join Commonwealth Financial Network, after a quarter in which Commonwealth — the No. 4 independent broker-dealer — says it added about $12.5 million in gross dealer concessions.
John Moose, David Palermo, Nathan Wegman and David Zambito of Endeavor Wealth Advisory Group oversee $282 million in assets under management, according to Commonwealth. The upstate New York-based practice had spent 20 years with Ameriprise before joining Commonwealth last month.
In the first quarter, Commonwealth added a team
Commonwealth’s new production added through recruiting in the first quarter did not keep up with
Daniels is not particularly concerned about the figure, though, since “the quality of the advisor is paramount for us and the quantity of assets is secondary,” Daniels says. He said he found Moose thoughtful with a good sense of humor while being “deadly focused on his clients,” he says.
“That was his foremost consideration. His value system was our value system and his value system was emblematic of the rest of that team,” Daniels says. “Almost on the very first phone call, I said, ‘This practice would be a very good fit here.’”
-
The firm broke off from its OSJ and followed four others of its type in leaving the No. 1 IBD after a change in its RIA rules.
May 15 -
The $263 million practice’s new IBD reported record recruiting for 2017, helped in part by the movement of advisors following LPL’s massive acquisition.
April 9 -
The 1,778-advisor firm constitutes the largest privately held IBD, underscoring the growing appeal of boutique-like models.
March 22
Wells Fargo was among biggest losers as advisors jumped to other firms.
A spokeswoman for Ameriprise did not respond to a request for comment on Endeavor’s exit from the firm’s franchise channel.
The Rochester-based firm joined Commonwealth on April 20, according to FINRA BrokerCheck. Moose and Palermo each started their financial careers with Ameriprise, and both spent two decades or more at the firm. Zambito had worked for Ameriprise for 45 years after starting his career in 1972.
Wegman began his Ameriprise tenure more recently, coming to the firm in 2013. The practice also includes a paraplanner and two wealth advisor associates.
Ameriprise has “treated us well for years,” but Commonwealth’s team was “exemplary in every aspect,” Moose says.
“Their independence and the objectiveness of their approach was something that was very appealing to us all,” he adds.
Technology and a “greater sense of connectivity with their supporting BD/RIA infrastructure” also figured into the team’s discussions with Commonwealth, according to Daniels.
With nearly $1.1 billion in 2016 revenue, Commonwealth constitutes the largest privately-held firm in Financial Planning’s
