Another practice is joining Commonwealth Financial’s independent advisor platform as it seeks to amplify its operational capabilities and reach a lofty asset objective.
Based in Harleysville, Pennsylvania, Tupelo Wealth Partners has made the decision to move to Commonwealth as it seeks to triple its assets – effectively, hitting the $1 billion milestone – through both organic growth and strategic acquisitions.
The practice includes advisor Les Benzak – who’s been registered with Finra for more than two decades – and his colleagues John Gallagher and Lynn Craig. Before joining Commonwealth, the three drew on their nearly 90 years of collective industry experience to oversee around $384 million in client assets at Lincoln Investment.
“Having one platform was extremely appealing to us,” Benzak said. “[B]usiness is easier for us and our clients, which enables us to focus on our growth goals of tripling assets under management through organic and inorganic means.”
The trio’s practice offers full-service wealth management consulting that touches on multiple areas including financial planning, family legacy and generational planning, higher education planning, and retirement planning.
They also differentiate themselves with an intimate knowledge of the Pennsylvania state pension plan, which has been instrumental in helping clients navigate complex and life-shaping pension decisions.
“We inevitably chose Commonwealth because of the technology, culture, and leadership,” Benzak said.
Among other things, he said they were attracted by the firm’s brand marketing support service, expert resources for advanced planning and investment management, and practice management.
Commonwealth Financial is welcoming Tupelo Wealth Partners after another record year of recruiting, which included $16 billion in new client assets and 292 advisors added in 2023.
“Commonwealth is well-positioned to attract client-centric advisors who rely on innovative solutions that broaden capacity and expertise while building efficiencies and scale into their operations,” said Wayne Bloom, CEO of Commonwealth Financial Network. “We’re evolving faster than ever before and intently focused on growth while firmly staying true to our legacy and standards of affiliation.”
The wealth management giant also recently ramped up its efforts to appeal to independent veteran advisors by unveiling a new matching platform for succession planning and M&A opportunities.
Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.
Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.
Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch
The advisors on the move include two brothers leading a family practice in Connecticut, and a husband-and-wife tandem working with business owners in the West Coast.
Business owners and their heirs may be making assumptions instead of having conversations, creating challenges for succession planning, according to new research.
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
