Commonwealth scoops up $550M advisor team in New York

Commonwealth Financial continues to prove its appeal in the independent space as an experienced investment advisory and planning team joins its network in New York.

On Thursday, Commonwealth announced that Diversified Capital Management, a Syracuse, New York-based hybrid firm, has officially become its latest partner. Managing over $550 million in client assets, DCM was previously affiliated with Cadaret Grant and LPL Financial.

Led by founder William Kriesel along with partners Kevin Visconti and George Nardone, the DCM team caters to the needs of individuals, families, and business owners.with expertise in retirement plan consulting, succession planning, and holistic tax strategies.

The hybrid firm extends Commonwealth's robust pace of recruitment in 2024, which has included a $630 million Osaic superteam from Arizona and a $384 million Pennsylvania-based practice formerly with Lincoln Investment.

Becca Hajjar, managing principal and chief business development officer at Commonwealth, said DCM made the strategic decision to let go of its RIA registration as it sought to sharpen its focus on client service.

"By dropping their RIA registration and integrating our technology across their day-to-day operations, the team can give greater focus to client needs and business growth," she said in a statement.

Visconti emphasized the benefits of Commonwealth's integrated technology and support, which have unlocked paths for growth by streamlining day-to-day operations at DCM.

"That gives us more time to bring value to clients in planning and money management," he said while praising the Commonwealth advisor community's shared culture of independence and expectation for service excellence.

Kriesel, a 25-year veteran of the industry with a background in accounting, saw the partnership as an opportunity to ensure continuity for DCM's clients while maintaining an old-school level of high service.

"We want to make sure our clients are taken care of beyond the career of any one advisor," he said. "We want to bring them more value and serve them better. At Commonwealth, we found what I feel the industry used to be fifteen years ago – that advisor-centric service level is still there.”

Founded in 1979, Commonwealth Financial Network supports a national collective of approximately 2,200 independent financial advisors overseeing more than $296 billion in client assets. The firm is headquartered in Waltham, Massachusetts, and San Diego, California.