Massachusetts-based Commonwealth Financial Network has added two independent advisory firms in Jericho, New York, that collectively reported more than $495 million in client assets.
Both firms previously were affiliated with Securities America, now Osaic, according to a news release from Commonwealth.
The team at Full Spectrum Financial Solutions includes advisors Pat Lanotte, CFP, Christopher Jones, CFP, and Paul Michaluk, who reported advising on $329 million in client assets. They primarily serve individuals approaching or in retirement through a “chief financial officer” approach. That includes scenario analysis and is coordinated across clients’ other outside professionals.
The other new firm, NXT Phase Financial Services has advisors John Carbonara, CFP, and Michael Murray, who reported advising on $166 million in client assets. The firm primarily serves educators with a range of services, including 403(b) retirement plan advice
Both firms were founded in the early 1990s. Both are transitioning for the first time away from Osaic’s predecessor firms. The firms, which are separate but share office space, jointly explored a partner transition and visited Commonwealth’s Waltham, Massachusetts headquarters together.
“To choose our community after decades elsewhere is a special honor for us, and in this case, that’s doubly true,” said Becca Hajjar, Commonsealth managing principal and chief business development officer. “There are many paths to joining Commonwealth. This is a great example of how we can make the process easy for two firms transitioning side by side.”
Lanotte, senior financial planner and principal owner of Full Spectrum, said, “Commonwealth’s reputation attracted our team, and what solidified the decision was our home office visit — seeing the organized approach to serving advisors and how the advanced planning, estate planning, marketing, and other teams connect the dots to help us grow. We can already see how the home office support and integrated technology are going to help us reach our long-term goals.”
“Talk about culture can be lip service, but you really do get a sense for a positive culture when talking with people around Commonwealth — both home office staff and advisors who previously made the jump,” said Carbonara, wealth manager and principal of NXT Phase. “Seeing opportunities presented to improve efficiencies in our practice is rejuvenating.”
Commonwealth Financial Network is a national registered investment adviser that provides financial advisors with “holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency.”
