Commonwealth Financial Network has seen more advisor attrition in the wake of LPL’s acquisition of the independent broker/dealer, which closed in early August. Kestra Financial, Cambridge Investment Research, Raymond James and Arkadios are the latest competitors to pick up Commonwealth advisors, according to regulatory filings as of Sept. 9.
Kestra recently added eight advisor teams, including Thomas Savone & Associates, a practice in Bunnell, Fla., run by President and Senior Financial Advisor Thomas Savone. Savone, who was with Commonwealth for 19 years, is joined by financial advisor Margaret Sullivan.
After 17 years with Commonwealth, The Wealth Transition Collective, a practice in Holyoke, Mass., has also made the jump to Kestra. That firm is run by Gregory Sheehan, who’s joined by Jennifer A. Cooke, a retirement plan advisor; advisor Joseph Bach; and three additional staff members.
Lance Nelson, who runs Nelson & Nelson Wealth Management in Camarillo, Calif., has departed Commonwealth after 10 years with the firm to join Kestra. He’s joined by Abbie Nelson, his wife and registered sales associate, and Kathy Quantock, senior client services associate.
Kestra has also picked up Excella Wealth Consulting in Largo, Fla., a five-person team that includes advisors James Luckey, Dave Walker and Marc Wilkins. Luckey and Walker worked for Commonwealth for nine years.
Ponte Vedra Beach, Fla.-based HFG Wealth Advisors joined Kestra earlier this month. That practice was founded by Richard G. Hana, who left Commonwealth after 19 years with the broker/dealer. He’s joined by Mary Cousineau, wealth management advisor, and Stephanie Williams, director of business operations.
Advisor Kurt Eakin, who founded Coastal Life Wealth Management, a financial planning firm in San Diego, has also moved to Kestra, after 13 years with Commonwealth. His team also includes advisor Christie Caliva and Nicole Melero, director of client services.
WI Investment Advisory Group, a practice in Santa Cruz, Calif., also joined Kestra’s platform. The two-person team is led by Andy Bacaylan, who was with Commonwealth for six years.
Evergreen Financial Associates, a practice with offices in Scottsdale, Ariz., and Ramsey, N.J., has also decamped for Kestra. The firm was co-founded by Mitch Glicksman and Mary Jane Callaghan, who were with Commonwealth for 20 years.
A Kestra spokesperson did not return a request seeking additional information on the new teams.
In a recent interview with WealthManagement.com, Kestra Holdings CEO James Poer said recruiting Commonwealth advisors was not a focus of the firm’s “growth engine.”
“What we focus on is not advisors from a certain firm or advisors involved in a transaction. We focus on a certain profile of investment advisors, successful wealth management businesses,” he said.
Cambridge Investment Research has recruited Hipp & Associates, a Norwalk, Ohio-based team, which includes financial planner Emily R Hipp and advisor Crystal Howard. The practice was founded by Chris Hipp, Emily’s father, who retired in 2020 after 15 years with Commonwealth.
Arkadios Capital has snagged Granite Oak Private Wealth, a Londonderry, N.H.-based team. The team is run by managing partner Robert J. Walczak and has about $180 million in AUM across 75 high-net-worth families, individuals, and business owners. It has been affiliated with Commonwealth since 1998.
Walczak is joined by co-CIOs Mark Tucker and David Summers, Portfolio Managers Chuck Bettinger, Ross Nelson and Shane Carpenter, CMO Heather Pennington and Head of Fixed Income Trading Joseph B. Patire.
Raymond James has also added several former Commonwealth teams in recent weeks, including Compass Investment Management, a $350 million practice with locations in Lewiston and Bangor, Maine. Compass joined the firm’s independent contractor division.
A father-son advisor team with approximately $170 million in assets also made the move to Raymond James’ independent contractor division, the firm said. Ingenuity Financial Services, in San Antonio, Texas, is run by father and son Alan and Ian Chase, and was with Commonwealth for 25 years.
“We wanted a home that respects lasting client relationships and provides modern tools to guide the families we serve,” Alan Chase said in a statement. “At Raymond James, we can pair independence with innovative technology tools that turns complex topics into clear choices.”
Advisor Matthew Lang, who leads Lang Investment Services in Monument, Colo., also moved to Raymond James’ independent channel. He previously managed $136 million in assets at Commonwealth, and was with the broker/dealer for 10 years.
Last week, Raymond James announced another win for its independent advisor channel, with Troy J. Aucoin, Jill B. Blair and Patrick Dill coming on board, bringing $156 million in Baton Rouge, La. Aucoin and Dill joined from Commonwealth, while Blair joined from Morgan Stanley.
LPL Financial closed on its deal to acquire privately-held IBD Commonwealth last month for about $2.7 billion in cash. LPL said it plans to integrate the firm in the fourth quarter of 2026. LPL said it was on track with a retention target of 90% of Commonwealth advisors.
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