Commonwealth lands 2 firms with $1.4B in AUM

Commonwealth Financial Network has recruited about 50 new affiliated practices so far this year, the latest of which are two new additions with a combined $1.4 billion in client assets under management.

One of the firms, Integrated Equity Management, says it made the move in part because it sought better technology. “Our clients will benefit from greater efficiencies, a singular digital experience and streamlined workflow," said CEO Ted Smith in a statement. Formerly with Securian Financial Services, Integrated Equity has about $700 million in AUM and 700 clients.

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The other firm, Innovative Financial Solutions, oversees $400 million in advisory assets. Formerly affiliated with MML Investors Services, its partners include William Verhagen, Christopher Harmon and Ian Essling. Financial advisor Mark Kraus rounds out the team.

The acquisitions come at a time when Commonwealth is making adjustments within its C-suite, shuffling key leaders to new positions. The firm’s CFO seat is set to open by year-end and the position has not yet been filled, a spokeswoman for the firm says.

Other recent firms to have joined Commonwealth include a $282 million team from Ameriprise and an LPL hybrid practice with $180 million in assets.

Integrated Equity, with five advisors based in Bloomington, Minnesota, specializes in comprehensive financial planning, investment management and retirement planning primarily for professionals, retirees, business owners and high-net-worth families, according to Commonwealth. The other advisors within the firm are Danica Goshert, Charles Stewart, Amanda Johnson and Dan LaNasa.

“We have greatly enjoyed working with everyone at Integrated Equity Management and wish them well in their new endeavor,” Anthony Martins, vice president of career distribution at Securian, said in an email. Securian is ranked No. 20 among the nation's IBDs in terms of revenue.

Smith, the CEO, did not respond to a request for further comment on the move.

Innovative Financial has offices in Bloomington, Indiana, and Palm Coast, Florida.

The fourth largest IBD in terms of revenue, Commonwealth claims approximately 1,800 independent advisors within its network.

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