Commonwealth Financial Network, the largest privately held independent broker-dealer, has continued its
Adam and Alan Spiegelman make up the father-son team of Spiegelman Wealth Management, a California Bay Area practice serving high-net-worth clients. Alan Spiegelman had spent 29 years with Northwestern Mutual before the Feb. 21 move, according to FINRA
Boutique-like models in firms of 500 to 2,000 advisors such as Commonwealth have emerged as attractive alternatives to large and growing IBDs such as LPL Financial, a Cerulli Associates report
-
Exclusive: The No. 4 IBD unveiled a new bank-based team even as its competitor began revealing its retained firms under the acquisition.
December 15 -
The move marks the latest in a frenzied period one recruiter describes as “a feast.”
October 19 -
Experts say firms that clear through Pershing have an advantage in the looming recruiting fight.
August 28
Commonwealth, which has 1,778 advisors, saw
“After extensive due diligence at all major advisory firms nationwide, we agreed that Commonwealth was the right move for us — not only for the offerings and opportunities that are now available to us but from a cultural standpoint as well,” Adam Spiegelman said in a statement announcing the move.
Representatives for Northwestern Mutual didn’t respond to requests for comment.
Alan Spiegelman’s career also includes stints at Baird and Wells Fargo. His son came over to Northwestern Mutual in 2004 following a three-year tenure at Franklin Templeton Investments. The practice’s office is located in Lafayette, roughly 25 miles outside San Francisco.
“This is a hardworking family office that offers white-glove service to its clients, and we look forward to providing that same level of service to this team,” Andrew Daniels, Commonwealth’s managing principal for business development, said in a statement.
Daniels noted in discussing the record recruiting late last year that Commonwealth sees its process as “
For example, fellow father-son duo Stuart and Michael Paris of Great Neck, New York-based Paris International
Only publicly traded IBDs LPL, Ameriprise and Raymond James took in more revenue than Commonwealth’s total of roughly $1.1 billion in 2016, according to Financial Planning’s latest