Commonwealth Hires Affiliate Firms
Commonwealth Financial Network hired two Jericho, New York-based independent advisory firms previously affiliated with Securities America, now Osaic, and collectively reported more than $495 million in client assets.
The two firms and their advisors include:
Full Spectrum Financial Solutions. Advisors include Pat Lanotte, CFP, Christopher Jones, CFP, and Paul Michaluk. The team reported advising on $329 million in client assets. Full Spectrum Financial Solutions specializes in serving those nearing and in retirement through a “chief financial officer” approach attuned to scenario analysis and coordinated across clients’ other outside professionals.
NXT Phase Financial Services. Advisors include John Carbonara, CFP, and Michael Murray. The team reported advising on $166 million in client assets. NXT Phase Financial Services specializes in providing educators with a complete range of financial solutions, including 403(b) retirement plan advice.
Both Full Spectrum and NXT Phase were founded in the early 1990s. For each firm, this transition is the first-ever move outside the corporate umbrella of Osaic predecessor firms.
“Commonwealth’s reputation attracted our team, and what solidified the decision was our home office visit—seeing the organized approach to serving advisors and how the advanced planning, estate planning, marketing, and other teams connect the dots to help us grow. We can already see how the home office support and integrated technology are going to help us reach our long-term goals,” said Lanotte.
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