Commonwealth Financial Network, a Waltham, Mass.–based independent broker/dealer, has added Terramar Wealth, a Carlsbad, Calif.-based team with more than $300 million in client assets. Terramar was previously an office of supervisory jurisdiction of SagePoint Financial, which is now Osaic, for 22 years. It will serve as an OSJ of Commonwealth.
Last year, Osaic announced its rebranding along with a plan to roll the eight Advisor Group broker/dealers under one entity, including American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services. In May, Osaic finalized its acquisition of Lincoln Financial’s wealth business, which will also be consolidated into the larger entity.
The Terramar team includes advisors Mike Gallop, Danny McMahon, Steve Statzer, Steve Rubinstein, Greg Fox, Jeffrey Gardner, and Todd Oberlin. They’re joined by Pat Posada, director of compliance.
“Every interaction we’ve had with the Commonwealth home office team has been positive,” Gallop said in a statement. “That goes far beyond leadership and recruiters. Having experienced and knowledgeable people at the other end of the phone, along with an attractive ratio of advisors to home office staff, eliminates problems and delays. That makes a substantial impact on efficiency in our day-to-day work serving clients.”
This follows news earlier this month that Commonwealth recruited Kin Wealth, a San Antonio, Texas-based firm with more than $250 million in client assets. The team joined from Frost Bank.
Privately-held Commonwealth currently has about 2,200 advisors overseeing more than $296 billion in assets.