A Tempe, Ariz.-based team with over $630 million in client assets is joining Commonwealth Financial Network from Osaic.
Siblings Kim and Eric Krueger,who took the firm over from their father, lead Krueger Financial Services with Tim Hill. The firm, which employes nine staff members, offers financial advice to individuals and families, some multi-generational.
The company is joining Commonwealth’s independent advisor network, and according to Kim Krueger, it faced a challenge as an ensemble practice because much of the industry hadn’t evolved to serve its model.
“Now, we have a partner well-equipped to support our business model, and as the industry changes we have the option to potentially shift into a hybrid RIA approach without changing partners,” she said, citing Commonwealth’s resources for helping firms navigate business continuity and succession.
Krueger also pointed out Commonwealth’s integrated trading platform as a sweetener for the switch, as advisors and clients can access whatever they seek through one portal.
Krueger’s team is the latest in several Osaic departures since the firm rebranded from Advisor Group and began rolling up its eight legacy broker/dealers into one entity last year.
Those firms included American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, Securities America, Triad Advisors, Woodbury Financial Services and SagePoint Financial (Krueger’s team had been a part of SagePoint, according to SEC records). Royal Alliance, SagePoint, Woodbury and FSC have been converted.
Osaic also closed a deal to acquire Lincoln Financial’s $115 billion wealth management business, aiming to onboard approximately 1,400 advisors as part of that deal. But in the wake of these changes, some advisors opted to leave Osaic for other destinations.
LPL Financial has particularly benefited and acquired many teams, including Pilot Financial, an extensive network of 105 advisors with $4.6 billion in managed assets. It opted to move its business to LPL from Lincoln Financial shortly after the deal was finalized. In February, the firm added the $520 million Wisconsin-based Equity Design Group, previously affiliated with SagePoint.
But Commonwealth has also added former Osaic teams. In June, the firm added Terramar Wealth, a broker/dealer based in Carlsbad, Calif., with more than $300 million in assets. It had previously been an office of supervisory jurisdiction at SagePoint for 22 years and now is an OSJ for Commonwealth.
Commonwealth is dually headquartered in Waltham, Mass. and San Diego. The firm works with approximately 2,200 independent advisors nationwide and oversees about $296 billion in assets.
