October 9, 2012

Commonwealth Grabs $300M Team From First Allied

The new group is based in Minnesota and includes four financial advisors

Commonwealth Financial Network said a team of four advisors has joined the independent broker-dealer from First Allied with more than $300 million in assets: Schluchter Investment Advisors, based in St. Cloud, Minn., which is led by Wayne Schluchter.

“From our very first conversation with Commonwealth, we have experienced a partner that mirrors our primary value of high-touch client service,” said Schluchter in a press release. “It’s one thing to say it and another to do it beyond expectation. Without exception, Commonwealth has exceeded our expectations.”

Joining Schluchter in the transition to Commonwealth are advisors Jeff Voit, Cindy Lanoue-Sauer and Doug Holzkamp.

Schluchter has 25 years of industry experience and serves as president of the North Dakota State University Alumni Association.

“Within 15 minutes of arriving at the home office and experiencing the firm’s technology offerings, we knew this was the right place for us,” the advisor said. “Commonwealth’s Client360° platform provides the ability to take disparate assets, such as REITs or mutual funds held at a fund family, and, in the click of a button, aggregate those assets to receive a holistic view of asset allocation, while managing risk for clients.”

Commonwealth is based in Waltham, Mass., and San Diego. It has more than 1,400 independent reps in its network.

In late July, Commonwealth recruited former LPL Financial (LPLA) advisor Bryan Chew and his team, which oversees more than $100 million in client assets in Sacramento, Calif. At the time, Commonwealth said it had added about $20 million in combined annual production in the first six months of 2012. The represented about 50 recruited advisors with roughly $450,000 each in average production, putting it slightly ahead of its first-half 2011 results.

The privately held IBD earned the highest rating in the J.D. Power and Associates 2010 and 2012 Financial Advisor Satisfaction studies.

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