Commonwealth Financial welcomes $384M trio

Commonwealth Financial welcomes $384M trio
The Pennsylvania-based practice is joining the broker-dealer in an ambitious bid to triple its assets.
FEB 28, 2024

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.

Smart steps for bringing a child into a financial advisory practice

Latest News

Investing for accountability: How to frame a values-driven conversation with clients
Investing for accountability: How to frame a values-driven conversation with clients

By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.

Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak
Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak

JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.

Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’
Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’

Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.

SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation
SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation

The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.

RIA moves: Wells Fargo pair joins &Partners in Virginia
RIA moves: Wells Fargo pair joins &Partners in Virginia

Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.