Commonwealth Financial Network has added a team of breakaway advisors in Kennett Square, Pa. Advisors Thomas Kinslow and Brian Sanford recently left Morgan Stanley to join Union Street Financial, a firm that’s been affiliated with Commonwealth since 2010. They manage close to $350 million in client assets.
Union Street is led by Daniel Gannon, with Kinslow and Sanford joining as managing partners. Combined, the firm now manages about $500 million in client assets. The team serves ultra-high-net-worth clients, small business owners and families, and they specialize in strategic stock options and equity compensation planning.
This follows the acquisition of Commonwealth by LPL Financial, which closed in early August.
“The strong reputation and experienced advisor network of Commonwealth and LPL Financial drew us in,” Sanford said in a statement. “With this move, we’ll have access to Commonwealth’s award-winning service paired with the scale of LPL’s expert resources, robust wealth management solutions, and advanced technology. The teams’ exceptional support and consultative approach throughout our transition reinforces the value of this partnership.”
“Breaking away gives us the freedom and flexibility to enhance our offerings, provide next-level client service, and add solutions such as tax planning,” said Kinslow in a statement. “Our team sought increased autonomy in our decision-making abilities without sacrificing the client experience.”
Commonwealth will operate as a portfolio company through the onboarding of its advisors to the LPL platform, which is expected to be done in the fourth quarter of 2026.
Commonwealth has lost several advisor teams in the wake of LPL’s acquisition. LPL has said it’s on track to retain 90% of Commonwealth advisors.
This week, Raymond James announced it added two teams from Commonwealth, including Noble Investments, a White Salmon, Wash.-based practice with $200 million in assets, and Radnor Wealth Management in Brentwood, Tenn., with $270 million in assets.
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