Commonwealth picks up $430M husband and wife team from Osaic

A team who previously managed more than $430 million in client assets has switched firms from Osaic to Commonwealth Financial Network.

Patrick Funke & Associates joins the independent network of advisors in Phoenix, Arizona, and advisor and eponymous leader Patrick Funke who has been serving a niche of small corporate retirement plans for a quarter of a century. He is joined by with his wife and business partner Jennifer Funke.

“Oftentimes, a workplace 401(k) meeting can be the first interaction an investor has with an advisor,” explained Funke. “This provides an opportunity to make those meetings a gateway to making a genuine difference in people’s lives.” The practice has grown entirely by word-of-

The growth of the business has been entirely driven by word-of-mouth referals and Patrick Funke says he uses an ‘evidence-based’ approach to investment selection, backed up by a low-cost solution for financial planning and investment services.

“Patrick and Jennifer sought an operational model that would free up time to focus on client service and growing their practice, and we’re honored that they found their long-term fit with Commonwealth,” said Becca Hajjar, managing principal and chief business development officer.

Funke explained that he has already saved time since moving to Commonwealth and that he expects the expanded Commonwealth-LPL tie-up will provide support for growth.

For Commonwealth, Funke’s recruitment follows on from its aqcuisition earlier this month of a $1.5 billion New York superteam, also from Osaic. Commonwealth has been working to retain and attract advisors as other broker-dealers try to poach them following the announcement that it was being acquired by LPL Financial.

Osaic is also involved in a big-money merger, announcing last week that it will acquire $13.5 billion CW Advisors from private equity firm Audax.