Commonwealth Financial Network has recruited about 50 new affiliated practices so far this year, the latest of which are two new additions with a combined $1.4 billion in client assets under management.
One of the firms, Integrated Equity Management, says it made the move in part because it sought better technology. “Our clients will benefit from greater efficiencies, a singular digital experience and streamlined workflow," said CEO Ted Smith in a statement. Formerly with Securian Financial Services, Integrated Equity has about $700 million in AUM and 700 clients.
-
The two LPL rivals show confidence in their current paths, but they both now have important vacancies to fill.
July 10 -
The No. 4 independent broker-dealer has unveiled two major recruiting grabs from its rivals in two weeks.
May 22 -
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 other firm,
The acquisitions come at a time when Commonwealth is
Other recent firms to have joined Commonwealth include a
Integrated Equity, with five advisors based in Bloomington, Minnesota, specializes in comprehensive financial planning, investment management and retirement planning primarily for professionals, retirees, business owners and high-net-worth families, according to Commonwealth. The other advisors within the firm are Danica Goshert, Charles Stewart, Amanda Johnson and Dan LaNasa.
“We have greatly enjoyed working with everyone at Integrated Equity Management and wish them well in their new endeavor,” Anthony Martins, vice president of career distribution at Securian, said in an email. Securian is ranked No. 20 among the nation's IBDs in terms of revenue.
Smith, the CEO, did not respond to a request for further comment on the move.
Innovative Financial has offices in Bloomington, Indiana, and Palm Coast, Florida.
The fourth largest IBD in terms of revenue, Commonwealth claims approximately 1,800 independent advisors within its network.
