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Ameriprise Loses $120M Team to Commonwealth

By Alex Padalka July 18, 2018

Commonwealth Financial Network has picked up a team of financial advisors formerly affiliated with Ameriprise Financial, according to a press release from Commonwealth.

Pleasantville, N.Y.-based Clear Path Private Wealth is made up of managing partners Bill Amatuzzo and Mike Magnani, who along with their team oversee $120 million, Commonwealth says.

The practice serves individual investors, business owners and executives who are in or approaching retirement, according to the press release.

Amazutto had been affiliated with Ameriprise from the start of his financial services career in 2002, according to his BrokerCheck profile.

Magnani had been registered with Ameriprise since he started his financial industry career in 1990, according to BrokerCheck.

“Commonwealth maintains a sharp focus on service — and with an advisor-to-staff ratio of better than 2.1:1, our accessibility to support from tenured, knowledgeable industry experts is better than ever before,” Magnani says in the press release.

Commonwealth, an RIA and independent broker-dealer, now supports around 1,800 independent financial advisors around the country, the company says. The company has picked up several advisors from rivals in recent months, including a $130 million team from Kestra Financial last month.

In May, Commonwealth nabbed a $282 million practice previously affiliated with Ameriprise. And in April, Commonwealth lured a $263 million practice previously affiliated with one of the four broker-dealers on the National Planning Holdings network, whose assets LPL Financial bought last summer. Commonwealth has also expanded its RIA platform in the hopes of helping its recruiting efforts, as reported.