A Syracuse-based agency with $550 million AUM will be part of Commonwealth’s unbiased advisor community, the dealer/seller introduced at present.
Advisors William Kriesel, Kevin Visconti and George Nardone lead Diversified Capital Administration. They had been with Cadaret Grant (which was purchased by Atria Wealth Options) earlier than LPL Monetary acquired Atria earlier this 12 months.
Kriesel based DCM in 1998. Based on Kriesel’s biography on DCM’s web site, he labored for a CPA agency within the late Nineties and was dismayed when a shopper was positioned in an funding program that didn’t meet their wants. Kriesel was impressed to type DCM in 1998 and prioritize collaborating with professionals working with their shoppers (together with accountants and attorneys).
Based on Kriesel, Commonwealth matched what “the trade was 15 years in the past.”
“We need to ensure our shoppers are taken care of past the profession of anybody advisor,” he mentioned. “In considering a associate change, our decision-making was at all times round how adjustments to our enterprise would impression our shoppers.”
Based on Becca Hajjar, Commonwealth’s managing principal and chief enterprise growth officer, by becoming a member of Commonwealth, DCM will drop its personal RIA registration and combine Commonwealth’s expertise into its day by day operations, releasing up extra time for shopper wants.
Kriesel was affiliated with the Syracuse-based Cadaret, Grant & Co., starting in 1999, in accordance with FINRA data. In 2018, Atria Wealth Options acquired the then-$23 billion RIA, together with about 900 advisors.
Earlier this 12 months, Krisel’s agency switched homeowners once more when LPL Monetary acquired Atria Wealth’s enterprise in an $805 million deal structured as an fairness buy. LPL anticipated to finance the deal by means of a mixture of money and debt. The overall buy included $100 billion in property, 2,400 advisors and 150 banks and credit score unions.
As a part of the deal, Atria would transfer its brokerage and advisory property custodied beneath a number of broker-dealers onto the LPLC platform; Cadaret Grant was one in all 5 supporting advisors, which additionally included NEXT Monetary Group, SCF Securities, Western Worldwide Securities and Grove Level Monetary.
On the time of the settlement, the transaction was anticipated to be accomplished within the second half of 2024, with the whole conversion of Atria advisors slated for mid-2025.
Commonwealth presently companions with roughly 2,200 unbiased advisors with over $296 billion in property managed nationwide. In September, the b/d introduced it could associate with Vestwell to launch a brand new pooled employer plan. The deal expanded the agency’s partnership with Vestwell to make the Gateway 401(okay) Plan accessible to the IBD’s advisors. In August, the agency attracted a $630 million Temple, Ariz.-based staff from Osaic.
