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July 27, 2011 at 10:17 AM
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.
lwood Capital Management, led by managing partner John Smallwood, had revenues of $900,000 in 2010 and oversees $100 million in total client assets. 