Commonwealth Financial Network announced the addition of Innovative Financial Solutions, whose clients include faculty and administrators at Indiana University, to its nationwide team of financial planners and investment managers. Innovative Financial Solutions manages more than $400 million in assets and operates out of Bloomington, Ind. and Palm Coast, Fla.
Partners William Verhagen, Christopher Harmon and Ian Essling, along with financial advisor Mark Kraus and the team, will be leaving MML Investors Services following an extended period of research into their new partnership. “After a two-and-a-half-year due diligence process, the Innovative Financial Solutions team was eager to affiliate with an independent RIA–broker/dealer that is committed to helping us provide the highest level of service to the families we serve,” said Essling. “Our home office visit validated that Commonwealth was the best move for us.”
The addition of Innovative follows a mid-summer personnel announcement, with president and COO Rich Hunter turning over his responsibilities to CFO Trap Kloman by year-end. Commonwealth had also been active in acquiring new teams from National Planning Holdings following its purchase by LPL, including a Wisconsin-based team with $186 million in AUM. LPL had struggled to meet their retainment goals.
Commonwealth supports some 1,800 independent financial advisors across the country.
