Commonwealth Financial Network said Monday that independent advisor Lance Nelson of Nelson & Nelson Wealth Management in Camarillo, California, is now affiliated with the broker-dealer. The firm, which has some $92 million in assets under management, previously traded its securities through LPL Financial (LPLA).
“We seek to partner with like-minded advisors who emphasize client service the way we do — and Lance Nelson and his team demonstrate that same commitment,” said Andrew Daniels, managing principal of business development for Commonwealth Financial, in a statement. “We will provide the indispensable service and support that enables Lance to grow his business and focus on his clients.”
According to Nelson, who went into the business with his uncle Tom Nelson in 1988 at a predecessor firm of Ameriprise Financial (AMP), it was Commonwealth’s consistent communications with him that prompted him to make the switch.
“Around 2001, I met with both LPL Financial and Commonwealth Financial,” Nelson said in an interview with ThinkAdvisor. “But I didn’t know anyone at Commonwealth. I did know some advisors who had gone from American Express to LPL.”
For the past 13 years, Commonwealth sent Nelson a friendly postcard every quarter. “That’s why I called them when I was thinking about making a move,” said Nelson, who adds that he is glad to be affiliated with a private company that has a very entrepreneurial, service-minded culture.
His wife, Abie, also started in the business in 1988, but she cut her teeth at E.F. Hutton. She now works at Nelson & Nelson as a registered sales associate. Lori Draheim serves as the group’s senior client services associate.