The metaphorical wave of departures from Osaic is continuing at Commonwealth.
On Wednesday morning, Commonwealth Financial Network announced it has added two Long Island-based advisory firms, Full Spectrum Financial Solutions and NXT Phase Financial Services. The firms were previously affiliated with Osaic, where they reportedly managed more than $495 million in combined client assets.
Full Spectrum Financial Solutions, led by advisors Pat Lanotte, Christopher Jones, and Paul Michaluk, previously oversaw $329 million in client assets. The firm focuses on clients nearing or in retirement, offering a "chief financial officer" model that integrates scenario analysis and collaboration with clients’ other professionals. Meanwhile, NXT Phase Financial Services, with advisors John Carbonara and Michael Murray, managed $166 million in client assets. The firm caters to educators, providing comprehensive financial solutions, including 403(b) retirement planning.
Both firms, founded in the early 1990s and operating out of a shared office space in Jericho, New York, are transitioning to Commonwealth after a decades-long relationship with Osaic and its precursor firm, Securities America.
“Commonwealth’s reputation attracted our team, and what solidified the decision was our home office visit – seeing the organized approach to serving advisors and how the advanced planning, estate planning, marketing, and other teams connect the dots to help us grow,” said Lanotte, senior financial planner and principal of Full Spectrum Financial Solutions, said in a statement Wednesday.
NXT Phase wealth manager and principal John Carbonara, whose 34-year BrokerCheck record also includes early ties with Ameriprise and the now-defunct Lehman Brothers, echoed the sentiment.
“Talk about culture can be lip service, but you really do get a sense for a positive culture when talking with people around Commonwealth – both home office staff and advisors who previously made the jump," Carbonara said. "Seeing opportunities presented to improve efficiencies in our practice is rejuvenating.”
Becca Hajjar, managing principal and chief business development officer at Commonwealth, expressed enthusiasm about the transition, noting, “To choose our community after decades elsewhere is a special honor for us, and in this case, that’s doubly true.”
The Full Spectrum and NXT Phase teams are the latest additions to the continuing story of departures from Osaic that's been taking shape in recent months. After a consolidation period of just over a year at the firm, numerous teams have sought greener pastures including an $800 million group that moved to LPL in Ohio. Even before that, there was another $630 million team from Osaic who moved to Commonwealth in August.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
