Commonwealth Financial Network has recruited Schneider Wealth Strategies, a New York-based team with more than $320 million in assets under advisement. Founder David A. Schneider was previously affiliated with Cambridge Investment Research for the last 17 years.
Schneider Wealth Strategies serves business owners, professionals and high-net-worth retirees in the tristate New York area. He’s joined by Wanda Mercado, client service manager.
“When I was considering partner firms, I looked closely at solutions for day-to-day management of client investments,” Schneider said in a statement. “Commonwealth is best of breed in efficiency, and its technology will help me propel my practice to the next level and give my clients a streamlined digital experience.”
He was also attracted to Commonwealth’s model portfolios and culture.
“There doesn’t seem to be a lot of layers, and I don’t get a big bureaucracy feeling from Commonwealth,” he said in a statement. “I’ve been independent for more than 30 years, so it was important to me to choose a firm with a reputation for truly honoring independence.”
This follows news in December that Commonwealth attracted two Long Island-based firms, Full Spectrum Financial Solutions and NXT Phase Financial Services, with more than $495 million in assets, from Osaic.
Commonwealth is dually headquartered in Waltham, Mass., and San Diego, and also has an operations hub in Blue Ash, Ohio. The firm works with approximately 2,345 independent advisors nationwide and oversees over $344 billion in assets.
