After a long affiliation with Commonwealth Financial Network, Worcester, Massachusetts-based Bartholomew & Company on Monday announced its launch as an independent hybrid RIA overseeing about $6 billion in client assets.
The firm, which also has an office in Framingham, was founded in 1994 by Tom Bartholomew, who still serves as its Chairman after recently stepping down as CEO and President.
His son, Alex Bartholomew, was promoted to CEO while remaining the firm’s Chief Investment Officer, it announced in June.
“Since inception in 1994, Bartholomew & Company has operated under Commonwealth Financial Network’s corporate Registered Investment Advisor and broker-dealer, custodied with National Financial Services (NFS),” Alex Bartholomew told Wealth Solutions Report by email.
However, after LPL Financial announced last year that it was acquiring Commonwealth, “we moved forward with a planned launch of our own RIA,” he said.
The official launch of Bartholomew & Company as a hybrid RIA happened on Wednesday, he pointed out.
“We now provide investment advisory services through Bartholomew & Company Wealth Management, LLC while continuing our broker-dealer relationship with Commonwealth and then ultimately LPL Financial after conversion in the 4th quarter” this year, he explained.
“Post conversion, we will still be affiliated with Commonwealth and their industry best service model, custodied with LPL Financial,” he said.
He added, “Commonwealth’s brand, service model, and community of advisors will remain intact although wholly owned by LPL Financial. Beginning in the 4th quarter of this year, LPL Financial will become the custodian of our clients brokerage and advisory assets.”
As of June 30, Bartholomew & Company had $5.85 billion in AUM and $180 million in AUA, he told WSR.
“We have over 40 professionals at the firm, including affiliates,” he said. “Most of our staff operate out of our corporate headquarters in Worcester, MA with less than 5 out of Framingham, MA.”
“The transition reflects years of planning and investment across the firm’s operations, technology, talent, and advisory infrastructure, resulting in a more flexible model that enhances how the firm supports clients and advisors,” the firm said in a news release.
“As our firm continues to grow, it is important that our infrastructure evolves alongside it,” Alex Bartholomew, said in the release. “Launching our own RIA strengthens our ability to support clients and advisors while remaining focused on the service, guidance, and investment expertise our clients expect.”
He added, “We are continuing to build on an exceptional foundation – one defined by innovative thinking, disciplined decision-making, and an unwavering commitment to our clients. This milestone strengthens our ability to do exactly that for decades to come.”
“For more than 30 years, we’ve approached decisions with a long-term perspective,” Tom Bartholomew said in the news release.
He added, “Launching our own RIA is a natural next step and an investment in the future of our clients, employees, and firm. It reinforces our commitment to independence, disciplined decision-making, and putting clients first.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
