Commonwealth Financial Network, a Waltham, Massachusetts-based independent broker-dealer, said Pinnacle Private Wealth, a firm that managed $220 million in assets at Associated Investment Services, is joining Commonwealth via an affiliated firm, Integrated Equity Management.
Kimberly, Wisconsin-based Pinnacle Private Wealth is led by senior partners Todd Funk and Kelly Watzka.
Funk has 30 years of experience, according to his BrokerCheck report, and had been affiliated with Associated Investment Services since 2006. Watzka has 26 years of experience, according to BrokerCheck, and had been affiliated with Associated since 2010.
Commonwealth said in a statement that Pinnacle, which has experience in creating goals-based financial plans for retired and preretired individuals and families, aims to do more around retirement plans for small businesses.
“Going independent and taking ownership of our books of business were our main goals,” Funk said in the statement. “At Commonwealth, we found that aligning with another independent firm would allow us to choose our own path forward while also receiving the freedom and support we need to expand our retirement plan offering.”
Integrated Equity Management is a wealth management firm affiliated with Commonwealth that has $830 million in assets. Pinnacle is joining IEM Partners, a division of Integrated Equity that works with advisors looking to go independent.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.