Advisor Group loses teams with $615 million to Commonwealth, LPL

Two leading independent broker-dealers, Commonwealth Financial Network and LPL Financial, said Tuesday that they had recruited financial advisors from rival Advisor Group that collectively managed $615 million in client assets.

Commonwealth recruited Trusted Wealth Partners from Securities America Inc., an Advisor Group broker-dealer. Based in Omaha, Nebraska, Trusted Wealth Partners has nearly $465 million in client assets and includes partners Clint J. Eikmeier, Jim Lammers, Mark Slattery, Matt Peters, Nathan Brobst and a seven-person support staff, according to a statement by Commonwealth.

“The efficiencies Commonwealth creates will make it easier to do business, allowing us to spend less time on administrative tasks and more time working with clients, many of whom have complex investment management and financial planning needs,” Slattery said in a statement.

Meanwhile, LPL recruited financial advisor Jeff Hedberg and the team at Hedberg Wealth Management to its broker-dealer, RIA and custodial platforms, from SagePoint Financial Inc., another Advisor Group firm. Based in Newington, Connecticut, Hedberg reported having served approximately $150 million in advisory, brokerage and retirement plan assets, according to a statement by LPL.

An Advisor Group spokesperson did not respond by deadline to comment for this article.

With more than 10,000 financial advisors, Advisor Group said last month it will merge its eight affiliated broker-dealers under a single, yet-to-be named roof and brand in a process that will take two years.