Commonwealth Acquires Large Team of 13 Lincoln Financial Advisors

Financial Advisors

Commonwealth Financial Network has announced the addition of another large team to its ever-growing team, the latest step in the giant’s efforts to reach its goals. $1 trillion in assets under management.

A hybrid registered investment advisory firm based in Waltham, Massachusetts said Monday, Hired Aegis Consulting Group From Lincoln Financial Group.rear moved 2 months ago In early March, a team of 13 financial advisors and support staff based in Jacksonville, Florida arrived. Approximately $1.24 billion Increased client assets, according to the press release. Commonwealth reported total assets of $242.9 billion at the end of 2022, overseen by approximately 2,100 independent financial advisors nationwide.

Aegis is led by principals Michael Cirino and Alexander Harrison, and advisors include Bruce Chadborn, Cindy Deebel, Stuart Favre, Haley Gregory, Rebecca Kaufman, Taylor Lloyd, James Neal, and Nathan Harrison. Includes Rogerro, Bruce Schilling, Michael Salam, and Walter Williams. According to a press release, the company offers “advanced fee-based financial planning, wealth management, real estate and business succession planning for high net worth and ultra high net worth clients, family businesses and salaried executives.” It is said that

Aegis Consulting team at Commonwealth Financial Network.

photo of Liz Pearce

“They were the last people we expected to move,” said Louis Diamond, a recruiter at Diamond Consultants who advised him on the move, in an interview. Ultimately, the transition took more than a year, and Mr. Cirino and Mr. Harrison are the first transfers for a team that has spent 39 and 25 years at Lincoln, respectively.

According to Diamond, the group wasn’t actively looking and was happy with Lincoln University until a colleague (another adviser who eventually joined them on the move) recruited him to the group. introduced.

read more: Billion Dollar Team Moves to Federals, Targets 1,000 Financial Advisors

Cirino, Harrison, and their team reluctantly agreed to consider their options, and Diamond listed 20 companies, of which only about five were considered. They considered launching their own RIA, but realized it was “not the right fit” and then considered jumping to a large independent broker-dealer, but ended up with a strong technology We decided that the Commonwealth with its platform suited the conditions.

“When they looked over the horizon, they realized that the technology they were working with was outdated and not keeping up with where the industry was headed,” said Diamond. He added that President Lincoln recently downplayed the importance of the planning department and embarked on cost-cutting measures that would change the adviser culture.

Diamond added that at Lincoln University, “they were big enough to do everything themselves.” Additionally, as the team grew and sought to hire more advisors, the Lincoln name, which was more about insurance than wealth management, proved difficult to attract top talent, Diamond said. .

A Lincoln spokesman declined to comment on the move.

Commonwealth Managing Principal and Chief Business Development Officer Becca Hajjar said in a press release: -Wealthy customers. ”

Technically, Commonwealth “had all the components of the operation housed in one place,” Harrison said in an interview. “It improves our operational capabilities and allows us to spend more time with our customers.”

read more: Commonwealth Seeks Best Way to Support Family-Owned Businesses

In an interview, Hajar added: In the Commonwealth it is common to wait several months Allow advisors to focus on the client’s transition first before announcing the transition. “We want people to come and settle here. This announcement is great to get out, but we want their transition to be successful and their assets transferred. Yes,” said Hajjar.

Harrison said it’s been relatively easy to convince customers in the past two months, considering the group is dual-registered and maintains an affiliation model of simply switching backend providers. New company brand name for selling transfers to customers.

“It’s like a professional football team moving from one stadium to a new one,” Harrison said.

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