In the wake of Commonwealth Financial Network’s acquisition by LPL Financial, a notable exodus of advisors has been witnessed, with many professionals choosing to align with competitors such as Cetera, Osaic, and Raymond James. This trend highlights the challenges that Commonwealth advisors face in adapting to the larger corporate structure of LPL.
Cetera Financial Group has made significant strides with the recruitment of a prominent team from Commonwealth led by Christian R. Benard, who operates under the name Innovative Financial. This group, which manages approximately $365 million in assets, is based in Troy, Michigan, and specializes in tax planning. Benard, who began his career in 2001 and joined Commonwealth in 2006, expressed that Cetera’s offerings, including its alliance with Fidelity Investments’ National Financial Services, align closely with what he valued at Commonwealth. He emphasized the importance of direct communication and accessibility to resources that facilitate client management.
Osaic has also expanded its ranks, attracting Gallagher Financial Services, which previously managed $194 million at Commonwealth in St. Paul, Minnesota. Led by Mark Gallagher, who has been in the industry since 1984, the firm transitioned away from Commonwealth after years of service. Additionally, Osaic has welcomed Four Pillars Investment Management from Cape Coral, Florida, which managed around $143 million with Commonwealth; this team is headed by John T. Evans, who recently joined from Edward Jones.
Raymond James further bolstered its advisor pool by recruiting Kirk Huismann and Richard Salmeron from Commonwealth. Huismann, who managed $144 million, established himself at Commonwealth in 2022 focused under the Friedline Financial brand in Missouri. Salmeron, managing $140 million, has had an extensive career since 1990, transitioning to Commonwealth in 2001.
The shift of advisors from Commonwealth to these competing firms reflects broader industry trends where professionals seek environments that better match their operational style and client management approaches. As these firms continue to attract talent, the landscape of financial advisory services remains dynamic, offering hope for ongoing innovation and improved client service in the financial sector.