Commonwealth Nabs $700M Wealth Practice from Securian
An independent wealth management firm has switched affiliation from Securian Financial Services to Commonwealth Financial Network, according to a press release from Commonwealth.
Bloomington, Minn.-based Integrated Equity Management, led by president and CEO Ted Smith, oversees more than $700 million for around 700 clients, which include professionals, retirees, business owners and high-net-worth families, Commonwealth says.
“Partnering with Commonwealth means our firm remains independent, too – with the freedom to access the right strategies and solutions for each unique client’s need,” Smith says in the press release. “It’s a model that supports our philosophy of always putting the client first. Commonwealth’s continued investment in industry-leading technology means our clients will benefit from greater efficiencies, a singular digital experience, and streamlined workflow – benefits that also give our firm a competitive advantage.”
Commonwealth, an RIA and independent broker-dealer firm, has lured several advisors from its competitors in recent months. In July, the company nabbed a team of advisors affiliated with Ameriprise Financial who oversaw $120 million, after adding a $282 million Ameriprise team in May. In June, Commonwealth picked up a $130 million group from Kestra.