Commonwealth Financial Network is on a record hiring spree this quarter. The fourth largest independent broker-dealer just recruited four advisors with $186 million in assets from SII Investments.
Mark Miehe, Matt Cuplin, Brandon Masbruch and Tony Pochowski of Midwest Financial Group joined their new BD on Monday, according to FINRA BrokerCheck. The practice, which Miehe says is turning into an office of supervisory jurisdiction with the move, includes three locations in Wisconsin.
The shift marks at least
“We came from a smaller broker-dealer firm,” says Miehe, 61, when asked why the practice opted for another firm over LPL. “They’ve got their fingers in everything, so that might be a good fit for some people. It didn’t make sense for us.”
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The fourth largest IBD added a super OSJ with $650 million in AUM.
November 7 -
The move marks the latest in a frenzied period one recruiter describes as “a feast.”
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A massive acquisition, the possible end of the Broker Protocol and other issues will shape the industry in 2018.
Commonwealth’s private ownership structure, technology and focus on advisory business also aligned well with Midwest Financial, he says. The firm will change its custodian from Pershing to Fidelity as part of the move.
A spokeswoman for NPH and a spokesman for LPL declined to comment on the practice’s departure. LPL plans to provide an update in the next several days on
Miehe and his wife Krisann launched the firm, which has offices in Madison, Platteville and Horicon, in 1997. The practice spent eight years with SII Investments, and Miehe says they wouldn’t have left the 530-advisor firm if LPL hadn’t acquired its assets.
Commonwealth expects to bring on a record $30 million in production this quarter, with roughly 70%
Commonwealth’s competitors have also successfully poached advisors from LPL’s incoming crop.
More than 270 advisors