A Syracuse-based agency with $550 million AUM will be part of Commonwealth’s unbiased advisor community, the dealer/vendor 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. In response to Kriesel’s biography on DCM’s web site, he labored for a CPA agency within the late Nineties and was dismayed when a consumer 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 purchasers (together with accountants and attorneys).
In response to Kriesel, Commonwealth matched what “the business was 15 years in the past.”
“We wish to ensure our purchasers are taken care of past the profession of anyone advisor,” he stated. “In considering a associate change, our decision-making was all the time round how adjustments to our enterprise would influence our purchasers.”
In response to 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, liberating up extra time for consumer wants.
Kriesel was affiliated with the Syracuse-based Cadaret, Grant & Co., starting in 1999, based on FINRA information. In 2018, Atria Wealth Options acquired the then-$23 billion RIA, together with about 900 advisors.
Earlier this 12 months, Krisel’s agency switched house owners 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 via a mixture of money and debt. The full 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 below a number of broker-dealers onto the LPLC platform; Cadaret Grant was considered one of 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 overall conversion of Atria advisors slated for mid-2025.
Commonwealth at the moment 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 out there to the IBD’s advisors. In August, the agency attracted a $630 million Temple, Ariz.-based workforce from Osaic.