Score this round for Commonwealth.
Commonwealth Financial Network and LPL Financial both announced Monday that they have lured a firm over from the others network with Commonwealth reeling in the larger catch.
Iowa firm UICCU Wealth Management, with $500 million in assets under management, is leaving the nations largest independent broker-dealer to join Commonwealth, the smaller firm announced in a statement.
The 14-advisor firm, which is affiliated with the University of Iowa Community Credit Union, focuses on fee-based investment management services and brokerage services in its planning offering.
360 FINANCIAL
Moving in the opposite direction, is Minnesota-based 360 Financial, a hybrid firm with $270 million in assets under management. It has bid goodbye to Commonwealth and moved to LPL.
Our hybrid platform gives them a lot of flexibility to work with their [brokerage and fee-based] clients on the same operating platform, says Bill Morrissey, LPLs executive vice president of business development. 360 Financial can leverage a lot of the infrastructure we have built on the brokerage side to support [its] fee-based business.
The Minnetonka-based firm serves brokerage and fee-based assets for private wealth management clients totaling approximately $150 million, according to a statement from LPL. It manages another $120 million in retirement planning assets, the statement said.
The move to LPL appears aimed at helping the firm gear up to bring on new advisor tuck-ins.
LPL will be a cornerstone for us as we build 360 Financial into a full-service, turnkey [office of supervisory jurisdiction], a back and middle office services provider for independent financial advisors seeking to establish or grow their own practices within the greater Minneapolis area, 360s founder Mike Rogers said in the statement. As part of our complete support services, including office and conference space, administrative and marketing support, and compliance reporting, the outstanding resources provided by LPL will play a vital role in complementing our capabilities.
UICCU
Commonwealths new firm UICCU has been ranked No. 1 in the nation for total return to the member, calculating profits after fees, for 10 of the last 11 quarters out of nearly 14,000 banks and credit unions, Commonwealth said in a statement.
The firm also has pioneered the development of a service offering called Participant Choice for TIAA-CREF participants in university retirement plans. The program gives these employees the opportunity to choose independent advice for their retirement account investment management, according to Commonwealth.
UICCU is on an incredibly positive trajectory, Andrew Daniels, Commonwealths managing principal of business development, said in a statement. The energy shared among the UICCU team, matched with our resources and true commitment to service, create a dynamic partnership where UICCU can focus first and foremost on its clients financial well-being.
Mark Law, UICCUs managing director and chief investment officer, said in the same statement. In Commonwealth, we found a company that mirrors our strong values and commitment to community. Integrating Commonwealths unmatchedand award-winningtechnology platform will immediately add value to our practice, increasing efficiency and allowing our team to provide an exceptional client experience for years to come.
Since September, LPL said it also has added the following firms to its platform: TrestleBridge Capital of Lakeway, Texas; Northstar Wealth Partners with four offices in Connecticut; Householder Group of Fullerton, Calif.; Snook Housey Advisors in Troy, Mich.;
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