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Commonwealth Lures $263M Advice Practice

By Alex Padalka April 5, 2018

Another practice has opted against affiliating with LPL Financial following its acquisition of the assets on the National Planning Holdings network.

The latest is Riverstone Wealth Partners of St. Charles and Naperville, Ill., which has affiliated with the Commonwealth Financial Network of independent financial advisors, according to a press release from Commonwealth. Riverstone partners Jodi Manthei, Ken Koppitz, and Nancy Hayes and wealth advisor Kimberly Mika oversee more than $263 million in assets, according to the press release.

“During an extensive due diligence process our impression that Commonwealth shared our values was reinforced with each communication,” Manthei says in the press release.

Riverstone was formerly affiliated with Invest Financial Corporation, according to Commonwealth. Invest is one of the four broker-dealers on the NPH network, whose assets LPL Financial bought for $325 million in August from Jackson National Life.

In February, LPL said it had completed the acquisition of the assets, although it didn’t say whether it hit its target of onboarding at least 70% of the revenue at NPH.

Many practices previously affiliated with NPH broker-dealers have opted instead to affiliate with Commonwealth Financial, Securities America, Woodbury Financial Services and FSC Securities.