Two leading independent broker-dealers, Commonwealth Financial Network and LPL Financial, said Tuesday that they had recruited financial advisors from rival Advisor Group that collectively managed $615 million in client assets.
Commonwealth recruited Trusted Wealth Partners from Securities America Inc., an Advisor Group broker-dealer. Based in Omaha, Nebraska, Trusted Wealth Partners has nearly $465 million in client assets and includes partners Clint J. Eikmeier, Jim Lammers, Mark Slattery, Matt Peters, Nathan Brobst and a seven-person support staff, according to a statement by Commonwealth.
“The efficiencies Commonwealth creates will make it easier to do business, allowing us to spend less time on administrative tasks and more time working with clients, many of whom have complex investment management and financial planning needs,” Slattery said in a statement.
Meanwhile, LPL recruited financial advisor Jeff Hedberg and the team at Hedberg Wealth Management to its broker-dealer, RIA and custodial platforms, from SagePoint Financial Inc., another Advisor Group firm. Based in Newington, Connecticut, Hedberg reported having served approximately $150 million in advisory, brokerage and retirement plan assets, according to a statement by LPL.
An Advisor Group spokesperson did not respond by deadline to comment for this article.
With more than 10,000 financial advisors, Advisor Group said last month it will merge its eight affiliated broker-dealers under a single, yet-to-be named roof and brand in a process that will take two years.
The advisor both prices FSK's private loans and gets paid on those prices, the suit claims
The proposal would end decades of paper-first delivery rules, but keeps a paper opt-out and draws early praise from fund and annuity industry groups.
The Trump accounts are “generationally changing” and bring financial literacy to youth, said IRS chief Frank Bisignano.
The Kansas-based RIA giant's latest purchase extends a run of specialized acquisitions that has defined its growth strategy through 2026.
Deal adds a $299 million tax-and-wealth practice as the RIA aggregator advances acquisition strategy around integrated financial and tax planning.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
