Commonwealth Financial Networkon Wednesday announced it had added three new advisory firms to its stable, all of whom formerly were big producers at Securities America, which was put up for sale in late April by its parent company, Ameriprise.
Tonkinson Financial of Miami; Capital Wealth Management of Glastonbury, Conn.; and Smallwood Capital Management of Shrewsbury, N.J., joined Commonwealth this month, the independent BD announced in a statement, bringing with them more than $400 million in combined client assets.
Among the reported bidders for Securities America is Ladenburg Thalman, which has two IBDs, Triad Advisors and Investacorp.
Tonkinson Financial, led by founder and managing partner Richard Tonkinson, generated $2.1 million in GDC last year, the Commonwealth statement said, and has more than $200 million in client assets.
Capital Wealth Management, led by Thomas Hine, CFP, generated $1.2 million in revenues last year and has more than $120 million in total client assets.
Smallwood Capital Management, led by managing partner John Smallwood, had revenues of $900,000 in 2010 and oversees $100 million in total client assets.
Commonwealth, led by CEO Wayne Bloom (left), said it has increased total advisor revenue by 57% year-to-date compared to last year, and that the addition of the Securities America advisors will bring an additional $9 million in GDC to Commonwealth as of the end of the third quarter.