Commonwealth is bolstering its profile in the Southwest as a comprehensive planning team severs its longtime relationship with Osaic to join the fast-growing firm.
Terramar Wealth, a Carlsbad, California-based firm, joined Commonwealth Financial Network this week, marking its first affiliation change in 22 years. The firm will now serve as an OSJ within the Commonwealth network, which supports independent financial advisors with comprehensive business solutions.
Overseeing more than $300 million in client assets, the advisor team spanning three generations at Terramar Wealth includes Mike Gallop, Danny McMahon, Steve Statzer, Steve Rubinstein, Greg Fox, Jeffrey Gardner, Todd Oberlin, and compliance director Pat Posada.
“We’re honored that Terramar Wealth chose Commonwealth for its only affiliation change in 22 years as it charts a growth trajectory that includes deepening services to high-net-worth clients,” Becca Hajjar, managing principal and chief business development officer at Commonwealth, said in a statement Tuesday.
Terramar Wealth has a long history as an OSJ affiliate, previously under SagePoint Financial. With a strong emphasis on client relationships, the firm focuses on providing clients with comprehensive financial planning, tailored investment portfolios, and guidance on Medicare, social security, and long-term care.
The transition to Commonwealth is seen as a move to further enhance these services.
“Every interaction we’ve had with the Commonwealth home office team has been positive. That goes far beyond leadership and recruiters,” said Mike Gallop, wealth advisor and principal at Terramar Wealth.
“Having experienced and knowledgeable people at the other end of the phone, along with an attractive ratio of advisors to home office staff, eliminates problems and delays. That makes a substantial impact on efficiency in our day-to-day work serving clients,” he said.
Hajjar added, “We are confident our tools and support will help Terramar Wealth advisors bring greater ease and efficiency to client service while also helping them meet their growth objectives.”
Commonwealth Financial Network partners with around 2,200 independent financial advisors, managing over $296 billion in assets nationwide.
The IBD and RIA giant logged a record year of recruitment in 2023, with new assets joining the firm amounting to $15.8 billion as a result of welcoming 292 advisors.
Last month, it inked a partnership with iCapital to give its advisors enhanced access to alternative investments – an increasingly useful arrow in the quiver as they compete for high-net-worth investors’ business.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
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