An LPL-affiliated wealth management firm has decided to join forces with Commonwealth Financial Network.

The independent B-D announced Monday it has added Nelson & Nelson Wealth Management of Camarillo, Calif. The wealth manager, which specializes in retirement planning, has $92 million in client assets.

Nelson & Nelson was founded in 2002 by Lance and Tom Nelson, who were previously financial advisors at American Express (now Ameriprise), and decided to make their practice independent, according to the press release announcing the move. Lance Nelson said in a statement that Commonwealth's technology platform and its "service-oriented" approach played a large role in deciding to affiliate with the independent broker-dealer.

"Commonwealth’s impressive, highly integrated technology platform is valuable and hard to find anywhere else," Nelson said. "It will surely add value to our day-to-day operations." 

Commonwealth, which ranked No. 4 in the most recent FP50 ranking, rolled out a new RIA-only affiliation model last year in an effort to gain new independent advisors. The company also added a $500 million LPL practice in Iowa this past winter.

 “We seek to partner with like-minded advisors who emphasize client service the way we do -- and Lance Nelson and his team demonstrate that same commitment," said Andrew Daniels, managing principal of business development at Commonwealth. "We will provide the indispensable service and support that enables Lance to grow his business and focus on his clients.”

Read more: