Cetera announced Tuesday the successful recruitment of King Financial Network, a 14-member advisor team formerly affiliated with Commonwealth Financial Network.
During its 10-year run at Commonwealth, the firm grew from $108 million in assets to over $1.1 billion.
In a statement, King Financial Network’s founder Jim King Jr. thanked the Commonwealth team and its CEO, Wayne Bloom, for its support. He also noted that Commonwealth’s acquisition by LPL Financial earlier this year was an “inflection point” that ultimately led to the decision to move to Cetera.
“I love that Cetera focused on service and their expertise in different areas, which mirrors how we conduct our business at KFN,” King said. “We are also looking forward to Cetera’s advanced technology and maintaining Fidelity’s NFS for custody and clearing.”
During the due diligence process, King added, the firm met with more than a dozen new potential broker-dealer affiliates before deciding on Cetera — and the Summit Financial Networks community in particular.
Moving forward, King Financial Network will be supported by a dedicated regional growth team that takes a consultative approach to business planning and growth. This structure is designed to deliver tailored solutions to meet each advisor’s unique business needs, according to the announcement, leveraging Cetera’s core growth resources and GrowthLine program.
Todd Mackay, Cetera Wealth Management president, cited King Financial Network’s passion and experience as key factors in the firm’s ongoing success.
“Jim is passionate about caring for clients and his team,” Mackay said. “It shows in every conversation we have. We’re making the big feel small for Jim with personalized service and access to the technology, expertise, advisory solutions and resources of Cetera as a sizable company. I strongly believe the KFN team will thrive within Cetera and the boutique atmosphere of Summit.”
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