Ladenburg Thalmann’s offer to buy Securities America may have staunched the hemorrhaging, but some leakage is still in evidence as Commonwealth Financial Network snagged three top producers from the troubled broker-dealer.
Commonwealth announced Monday the affiliation of three top financial advisory firms from Securities America. The addition of Olsen & Associates of Norfolk, Neb.; Economic Concepts of Annandale, N.J.; and Peterson Wealth Management of Springfield, Mo., will bring to Commonwealth combined total assets of more than $700 million, Commonwealth said in a statement.
All three firms were among Securities America’s top affiliates. Both Olsen & Associates and Economic Concepts generated $1.7 million in gross dealer concession in 2010 and ranked in the top 2% of Securities America’s advisors that year. Peterson Wealth Management was among the top 100 advisors in the Ameriprise-owned firm, which has some 1,700 affiliated advisors.