The anticipated attrition of at least some Commonwealth Financial Advisors in the wake of LPL Financial’s announced acquisition of the broker/dealer appears to have begun with the departure of about a dozen financial advisors.
At the end of June, three wealth management firms left Commonwealth to join broker/dealers Arkadios Capital, Cambridge Investment Research and Raymond James, according to BrokerCheck and the firms.
Two advisors and an investment manager from Cannata & Company, based in Roselle, Ill., have left Commonwealth to join Arkadios, the Atlanta-based broker/dealer.
David Millican, CEO of Arkadios, said the company’s lack of private equity backing and 100% employee ownership are draws for advisors, including two more Commonwealth-affiliated firms that will join in the next couple of months.
“We don’t have any other outside interests that are looking to flip [their stake] in five years or something along those lines,” Millican said. “We are taking a much longer-term approach and going after the same high-quality advisors that Commonwealth had been building with.”
Millican called Cannata & Company “good people, running a good family practice.” The firm’s principal is Jack Cannata, his daughter Lindsey is a financial advisor and his son Joshua is the firm’s investment manager. The firm did not immediately respond to comment on the move.
Raymond James also confirmed moves from Commonwealth to their broker/dealer affiliation.
Village Wealth Management, a Michigan-based advisory firm with five financial advisors and three locations, has also left Commonwealth. According to BrokerCheck, the advisors at the firm show Commonwealth affiliation ranging from one to nine years.
Holly Ann Murphy, co-founder of Barstow & Co., based in Omaha, Neb., has also moved to Raymond James, the spokesperson confirmed.
Advisors at the firms did not immediately respond to a request for comment.
Three other advisors with East Setauket, N.Y.-based FGS Financial, have left Commonwealth after about 12 years with the broker/dealer and are now with Cambridge, according to BrokerCheck. A spokesperson for Cambridge did not respond to a request for confirmation or comment, nor did FGS Financial.
Frank Smith is the founder of FGS Financial, and his wife, Heidi and daughter Brandy are investment managers at the firm.
According to a recent announcement from Osaic, Brent Bridenback, a former Commonwealth advisor based in Cle Elum, Wash., has also left. The advisor’s Bridenback Wealth Management will bring over $90 million in assets to Osaic.
“I chose Osaic because I believe it offers the freedom, flexibility and platform depth that my clients and my firm require,” Bridenback said in a statement. “Their commitment to supporting independent advisors with industry-leading technology and comprehensive planning resources has been a key differentiator for me. Most importantly, Osaic gives me the ability to maintain the high level of service my clients have come to expect—without disruption.”
LPL has said it expects to keep about 90% of the roughly 2,900 advisors who were with Commonwealth. San Diego-based LPL expects to finalize the acquisition of the Waltham, Mass.-based Commonwealth in the second half of this year, with conversion to the LPL platform to be completed in 2026.
LPL did not immediately respond to a request for comment on the moves.
Competitors have been publicly and privately advocating for Commonwealth advisors to join them, floating better retention packages or what they bill as more independence and technology choices. Some of the more vocal firms have been Kestra, Osaic and Raymond James, with Cetera penning two open letters to Commonwealth advisors, making its case as the best landing spot.
Millican of Arkadios said advisors who are joining his broker/dealer will gain independence, quality technology and support services. He said the Commonwealth acquisition and general movement in the market right now are presenting opportunities for his broker/dealer, which has about $13 billion in assets under advisement among 250 financial advisors in 70 offices.
“I think it’s a huge opportunity for us, and truthfully, I like our spot in the marketplace,” he said.
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