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August 30, 2018 at 08:51 AM
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;
