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Commonwealth Nabs $130M Team from Kestra

By Alex Padalka June 22, 2018

A wealth management practice affiliated with Kestra Financial has jumped ship to Commonwealth Financial Network, according to a press release from Commonwealth.

The Potter Financial Group of Durham, N.C., made up of partners Charlie Potter, Chip Roe and Price French and wealth advisor associate Jason Harmon, oversees over $130 million, according to the press release.

“This was not an easy decision for us — we had been with our prior affiliate for 20 years,” Roe says in the press release. “Amid industry change and consolidation, what became of utmost importance to us was private ownership, a sound business model and organizational structure, and a low advisor-to-staff ratio to ensure the prioritization of our practice.”

Roe credits Commonwealth’s variety of available business models and its level of support for his team’s choice, according to Commonwealth.

In May, Commonwealth also lured a $282 million practice previously affiliated with Ameriprise Financial Services.

And in April, Commonwealth brought on a $263 million practice previously affiliated with Invest Financial Corporation, one of the four broker-dealers on the National Planning Holdings network, whose assets LPL Financial acquired last summer.

Kestra, meanwhile, has also been busy picking up advisors from rivals. Earlier this month, a UBS team advising on $340 million opted for independence, affiliating with Kestra.

Last month, Kestra Private Wealth Services, an RIA subsidiary of Kestra Financial, brought on a team of Wells Fargo Advisors representatives managing $186 million and another Wells Fargo team overseeing $300 million.