A team based in Tempe, Ariz. with over $630 million in client assets is joining Commonwealth Financial Network from Osaic.
Siblings Kim and Eric Krueger, who took over the firm from their father, run Krueger Financial Services with Tim Hill. The firm, which employs nine members of staff, provides financial advice to individuals and families, some spanning multiple generations.
The company is joining the Commonwealth's independent network of advisors, and according to Kim Krueger, it faced a challenge as an ensemble practice because much of the industry hadn't evolved to serve its model.
“Now, we have a well-equipped partner to support our business model, and as the industry changes, we have the opportunity to potentially transition to a hybrid RIA approach without changing partners,” she said, citing Commonwealth's resources to helping firms navigate business continuity. and continuity.
Krueger also pointed to Commonwealth's integrated trading platform as a sweetener for the transition, as advisers and clients can access anything they're looking for through one portal.
Krueger's team is the last in several Osaic departures since the year firm renamed from Advisor Group and began rolling up its eight legacy broker/dealers into one entity last year.
Those firms included American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, Securities America, Triad Advisors, Woodbury Financial Services and SagePoint Financial (Krueger's team had been part of SagePoint, according to SEC filings). Royal Alliance, SagePoint, Woodbury and FSC have converted.
Osaic also closed a deal to buy Lincoln Financial's $115 billion wealth management businessaiming to include about 1,400 advisers as part of that deal. But after these changes, some councilors chose to leave Osaic for other destinations.
LPL Financial has particularly benefited and bought many teams, including Financial Pilotan extensive network of 105 advisors with $4.6 billion in assets under management. She decided to transfer her business to LPL from Lincoln Financial shortly after the deal was finalized. In February, the firm added the $520 million Wisconsin-based Equity Design Group, previously affiliated with SagePoint.
But the Commonwealth has also added the former Osaic team. In June, the firm added Terramar Wealtha broker/dealer based in Carlsbad, California, with more than $300 million in assets. She had previously been a supervisory jurisdiction office at SagePoint for 22 years and is now a CSO for the Commonwealth.
Commonwealth has dual headquarters in Waltham, Mass. and San Diego. The firm works with approximately 2,200 independent advisors nationwide and oversees approximately $296 billion in assets.