Commonwealth adds Avantax team overseeing $223M

Standing from left to right: Jason Musante-Klumb, Bill Ernest, Tom Driscoll and Robert Holton. Sitting from left to right: Kim Fetzer, Brent Ogden and Dawn Starck.

Waukesha, Wisconsin-based R&R Wealth aims to reach $1 billion in assets in next four years.

Commonwealth Financial Networks announced Monday that R&R Wealth Management, a firm that managed nearly $223 million in assets under advisement at Avantax Investment Services, has affiliated with Commonwealth’s network of independent advisors.

Waukesha, Wisconsin-based R&R Wealth is headed by Robert Holton and Tom Driscoll, both vice presidents of wealth management and senior financial advisors, along with a team of six. The firm focuses on serving business owners, corporate executives and high-net-worth individuals, along with working with companies on retirement plans.

Holton said in a statement that R&R Wealth was looking for a firm that could help it grow.

“We want to build our business to $1 billion in assets over the next four years, and that growth trajectory needs a partner who can support our goals,” he said. “We feel strongly that Commonwealth is the ideal partner as we grow both organically and through acquisitions, and it will help us become the premier wealth management firm for business owners in Wisconsin.”

In 2018, the firm was acquired by the Riesch family, a Wisconsin family that operates R&R Insurance.

Holton has 14 years of experience, according to his BrokerCheck report, and had spent a year at Avantax, after stints at LPL Financial and BMO Harris Financial Advisors. Driscoll has 12 years of experience, and had been affiliated with Avantax since 2019.

“Over the years, we have worked tirelessly to create a culture that promotes the success of our advisors and fosters a high level of entrepreneurialism — R&R Wealth will bring its like-minded spirit to our community of independent advisors,” Becca Hajjar, managing principal and chief business development officer at Commonwealth, said in a statement. “More tangibly, we look forward to providing flexible financing, investment management, and retirement planning support to allow R&R Wealth to take the next step in the evolution of its firm.”

Commonwealth works with more than 2,100 advisors across the country managing more than $242.9 billion in assets.

[More: Cetera deal for Avantax shows boom continues for wealth management assets]