Commonwealth Financial Network, a national RIA dedicated to offering financial advisors integrated business solutions, announced it welcomed two Jericho, New York-based independent advisory firms previously affiliated with Securities America (now Osaic) and collectively reported more than $495 million in client assets:
- Full Spectrum Financial Solutions: Advisors include Pat Lanotte, CFP, Christopher Jones, CFP, and Paul Michaluk. The team reported advising on $329 million in client assets. Full Spectrum Financial Solutions specializes in serving those nearing and in retirement through a chief financial officer approach attuned to scenario analysis and coordinated across clients’ other outside professionals.
- NXT Phase Financial Services: Advisors include John Carbonara, CFP, and Michael Murray. The team reported advising on $166 million in client assets. NXT Phase Financial Services specializes in providing educators with a complete range of financial solutions, including 403(b) retirement plan advice.
Full Spectrum and NXT Phase were founded in the early 1990s. And for each firm, this transition is the first-ever move outside the corporate umbrella of Osaic predecessor firms. Even though separate, the firms share office space and the two teams jointly explored a partner transition and visited Commonwealth’s Waltham headquarters together. Both firms identified culture, technology, and wealth management support as key decision factors.
KEY QUOTES:
“To choose our community after decades elsewhere is a special honor for us, and in this case, that’s doubly true. 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.”
- Becca Hajjar, managing principal and chief business development officer
“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. We can already see how the home office support and integrated technology are going to help us reach our long-term goals.”
- Pat Lanotte, CFP, senior financial planner and principal owner of Full Spectrum
“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. Seeing opportunities presented to improve efficiencies in our practice is rejuvenating.”
- John Carbonara, CFP, wealth manager and principal of NXT Phase
