Commonwealth Financial Network on Wednesday announced it recruited two Long Island independent advisory firms, formerly affiliated with Osaic (previously Securities America), to join its network of independent financial advisors.
Full Spectrum Financial Solutions and NXT Phase Financial Services, both based in Jericho, New York, reported over $495 million in client assets combined as of Sept. 5.
Full Spectrum reported advising on $329 million in client assets as of Sept. 4, Commonwealth said.
“To choose our community after decades elsewhere is a special honor for us, and in this case, that’s doubly true,” said Becca Hajjar, Managing Principal and Chief Business Development Officer at Commonwealth. “There are many paths to joining Commonwealth. This is a great example of how we can make the process easy for two firms transitioning side by side.”
Full Spectrum’s advisors include Pat Lanotte, Christopher Jones and Paul Michaluk. Its team serves retirees and clients close to retiring through a “chief financial officer” approach using scenario analysis and coordinated with clients’ other outside professionals, according to Commonwealth.
NXT Phase reported advising on $166 million in client assets, including advisor John Carbonara’s $132 million as of July 29 and advisor Michael Murray’s $34 million as of Sept. 5.
NXT Phase provides financial solutions for educators, including 403(b) retirement plan advice.
Full Spectrum and NXT Phase both started in the early 1990s. For each firm, the transition to Commonwealth is the first move outside the corporate umbrella of Osaic predecessor firms, Commonwealth noted.
Although the firms are separate, they share office space in Jericho and explored a partner transition together, including a joint visit to Commonwealth’s Waltham, Massachusetts, headquarters.
Both firms said culture, technology and wealth management support were central to their decision to move to Commonwealth.
“Commonwealth’s reputation attracted our team, and what solidified the decision was our home office visit—seeing the organized approach to serving advisors and how the advanced planning, estate planning, marketing, and other teams connect the dots to help us grow,” according to Pat Lanotte, Senior Financial Planner and Principal Owner of Full Spectrum.
“We can already see how the home office support and integrated technology are going to help us reach our long-term goals,” Lanotte added.
“Talk about culture can be lip service, but you really do get a sense for a positive culture when talking with people around Commonwealth—both home office staff and advisors who previously made the jump,” added John Carbonara, Wealth Manager and Principal of NXT Phase. “Seeing opportunities presented to improve efficiencies in our practice is rejuvenating.”
Commonwealth partnered with about 2,200 independent financial advisors overseeing more than $296 billion in assets nationwide as of Dec. 31, it said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
