Commonwealth Financial Network says Integrated Equity Management of Bloomington, Minnesota, is now part of its network of independent financial advisors. Formerly affiliated with Securian Financial Services, the advisory group is led by Ted Smith and works with some $700 million in client assets.

“We are pleased to welcome Innovative Financial Solutions to Commonwealth,” said Andrew Daniels, managing principal, business development,of Commonwealth, in a statement.

“This team operates with a client-first mind-set, and we look forward to providing them with the technology platform, tools, resources, and system integrations that provide the operational efficiencies and flexibility they need to run their business and enhance their clients’ experience,” Daniels added.

Commonwealth also recruited Innovative Financial Solutions of Bloomington, Indiana, and Palm Coast, Florida, to its network; formerly affiliated with MML Investors Services, the team bring with them more than $400 million in assets under management.

“After a two-and-a-half-year due diligence process, the Innovative Financial Solutions team was eager to affiliate with an independent RIA–broker/dealer that is committed to helping us provide the highest level of service to the families we serve,” said Ian Essling, a partner, in a statement.

“Our home office visit validated that Commonwealth was the best move for us, and the responsiveness of our dedicated transition team has been remarkable. Knowing our team is prioritized and supported adds time back into our day to spend with clients,” he explained.

LPL News

Stratos Wealth Networks, which is affiliated with LPL Financial, says it has added four advisor practices with $1 billion in assets, putting it on track to reach $100 million in yearly revenue in the fall.

“We’re thrilled to complete the transition of these highly successful independent financial advisor practices to our platform,” according to Stratos CEO Jeff Concepcion.

Stratos, which is both a hybrid RIA and Super-OSJ, works with over 280 advisors.

In a related move, Fidelity veteran Lou Camacho was named president of Stratos Wealth Alliance, which is focused on acquiring financial advisory practices.

“Since our founding in 2009, we’ve generated a 43% eight-year compound annual growth rate in total AUA and a 47% eight-year CAGR in revenue,” Concepcion said in a statement. “Adding Lou Camacho to our leadership team to spearhead our acquisitions strategy is a key step needed to substantially accelerate our future growth.”

The recent groups coming on board are:

Clapboard Hill Private Wealth, led by Thomas Pacilio and Daniel Besse, with $230 million in client assets, based in Westport, Connecticut;

–An independent financial advisory practice led by Michael Feller, with $170 million in client assets, based in Boonville, Indiana;

Generations Investment Management, led by Jason Hostetler and Tina Migge, with $150 million in client assets, based in Canton, Ohio; and

Riverview Wealth Partners, led by Anthony Pratt and William Baker, with $450 million in client assets, based in Wexford, Pennsylvania.

In addition, Stratos recently finalized its fifth acquisition by purchasing Heald Financial Advisors, located in Marlton, N.J., with $120 million in client assets.

Based on its year-to-date result, Stratos says it expand the firm’s total clients assets of $20 billion by 2021.

Stratos provides custodial services through Fidelity Investments, Charles Schwab, TD Ameritrade and LPL Financial, with offered through LPL Financial; investment advice is offered through Stratos Wealth Partners, a registered investment adviser and a separate entity from LPL Financial.

In related news, LPL Financial says it recruited Sackman & Son Financial Services,  to its broker-dealer and corporate RIA; the group works with about $360 million of assets.

“LPL’s self-clearing capabilities were a huge factor in our decision to change firms,” according to Daniel Sackman. “We look forward to utilizing LPL’s size and scale to help us grow our business.”

Other Developments

Securities America, which is owned by Ladenburg Thalmann Financial Services says independent hybrid RIA and Super OSJ Patriot Financial Group, has joined it in Westborough, Massachusetts, with about $650 million in total client assets and 33 financial advisors.

“Their decision to join our platform demonstrates our appeal to practices seeking a stable and transparent relationship with an independent advisory and brokerage partner that is forward-looking in regard to the industry and the needs of advisors,” according to Gregg Johnson, Securities America’s executive vice president of branch office development and acquisitions.

Patriot Financial is led by founder and Chairman David O’Donnell and Chief Executive Officer Michael Tashjian.

“Our platform is based on team-building and supports our advisors; each advisor is independent, each firm is advisor-owned. But they have the support of a larger group of specialists to call on to strengthen their practices,” O’Donnell explained in a statement.