Commonwealth Nabs SII Investments FAs
A few more advisors have chosen not to affiliate with LPL Financial following the company’s acquisition of the assets of National Planning Holdings.
Financial advisors Mark Miehe, Matt Cuplin, Brandon Masbruch and Tony Pochowski operate as Midwest Financial Group of Madison, Horicon and Platteville, Wis. and manage more than $186 million, Commonwealth says.
Midwest serves individual and business clients, offering portfolio management, tax planning, estate and retirement planning and management of employer-sponsored plans, according to Commonwealth. Cuplin says his team was particularly drawn to Commonwealth’s technology innovation and company culture.
LPL acquired the assets of the broker-dealer network NPH from Jackson National Life this summer for $325 million, offering a further $123 million contingent on the amount of assets LPL onboards. Several firms have opted not to stay on already. In October, Commonwealth scooped two advice practices overseeing close to $2 billion from National Planning Corp., which is also part of NPH.
Focus Financial invests Downunder
Meanwhile, Focus Financial Partners has again ventured Down Under for its latest acquisition. The New York-based advice firm bought Queensland-based wealth management firm Financial Professionals, a firm founded in 1999 that serves high net worth individuals and trustees in the Gold Coast and Brisbane area of Australia, International Investment magazine writes.
Ross Rickard, founder and chief executive of Financial Professionals, as well as the company’s six staff members, will stay on with the firm, a spokesperson for Focus Financial tells the publication. The companies didn’t disclose the terms of the deal, according to International Investment magazine.
This is Focus Financial’s second acquisition in Australia as it gears up to be more of a global wealth management firm, according to the publication. Last year the company took a minority stake in Melbourne-based MW Lomax Group, which in turn went on to acquire Brisbane-based Westwood Group, International Investor magazine writes.