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Retirement Planning > Retirement Investing

Commonwealth Grabs Monarch Retirement Group From SII Investments

By John Sullivan

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Commonwealth Financial Network announced on Tuesday that of Monarch Retirement Group of San Diego has joined the independent broker-dealer. Formerly an SII Investments-affiliated firm, Monarch oversees $250 million in client assets.

John Rooney“Monarch Retirement Group provides top-notch service to clients in and near retirement, and we are pleased to welcome this practice to the Commonwealth community,” John Rooney (left), Commonwealth’s managing principal in San Diego, said in a statement. “As Monarch continues to focus on next-generation planning, we look forward to providing the platform needed to drive steady growth and the support to build upon and strengthen their client relationships.”

“The size of Commonwealth alone will have a notable impact on major existing clients, such as executives at large telecom and defense companies, who will all benefit from the increased offerings now at our fingertips,” said founding Monarch member Jim Galante. “At the same time, all our clients can appreciate the independently owned business model of Commonwealth.”

The news comes on the heels of Commonwealth’s announcement last October that Schluchter Investment Advisors, based in St. Cloud, Minn., had joined the firm, bringing more than $300 million in assets.

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.

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