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Commonwealth Financial Gains $350 Million Practice

March 12, 2018

An independent financial-advice practice run by the father-son team of Alan Spiegelman and Adam Spiegelman has joined Commonwealth Financial Network.

The Spiegelmans and their team, which managed $350 million at Northwestern Mutual, join Commonwealth as Spiegelman Wealth Management of Lafayette, Calif., according to a Commonwealth press release.

The practice offers investment advice and financial planning to high-income and high net worth clients.

“We’re invigorated and eager to explore a new level of access to products, advice, research, and programs that will open doors to new possibilities,” Adam Spiegelman says of his team’s move to Commonwealth, an independent network that supports about 1,700 FAs.

Andrew Daniels, head of business development at Waltham, Mass.-based Commonwealth, says his firm is a perfect fit for the Spiegelman’s high-end practice.

“This is a hardworking family office that offers white-glove service to its clients, and we look forward to providing that same level of service to this team,” Daniels says in the press release.

Commonwealth Financial has also recently benefited from LPL Financial’s acquisition of National Planning Holdings assets, which it bought from Jackson National Life for $325 million in August 2017. Many practices have opted against affiliating with LPL, instead going over to Commonwealth and other firms, including Securities America, Woodbury Financial Services and FSC Securities.

By Alex Padalka