September 21, 2023


Move Step By Step

Commonwealth scores enormous workforce of 13 Lincoln monetary advisors

3 min read

Commonwealth Monetary Community unveiled the arrival of one other massive workforce to its rising ranks, the newest step within the large’s effort to succeed in $1 trillion in property underneath administration

The Waltham, Massachusetts primarily based hybrid registered funding advisor introduced Monday it had recruited the Aegis Consulting group from Lincoln Monetary Group. After moving two months ago in early March, the Jacksonville, Florida-based workforce of 13 monetary advisors plus assist workers has introduced over nearly $1.24 billion of consumer property, in line with a press launch. Commonwealth reported $242.9 billion in whole property overseen by roughly 2,100 impartial monetary advisors throughout the nation on the finish of 2022. 

Aegis is led by principals Michael Cirino and Alexander Harrison and contains advisors Bruce Chadbourne, Cindy Deavel, Stuart Farb, Hayley Gregory, Rebecca Kaufman, Taylor Lloyd, James Neel, Nathan Rogero, Bruce Schilling, Michael Sullum and Walter Williams. The agency gives “superior fee-based monetary planning, wealth administration, and property and enterprise succession planning for high- and ultra-high-net-worth purchasers, household companies, and salaried executives,” in line with the press launch. 

The Aegis Consulting workforce at Commonwealth Monetary Community.

Liz Pierce Pictures

“They had been the final folks we anticipated to maneuver,” Louis Diamond, a recruiter at Diamond Consultants who suggested on the transfer, mentioned in an interview. The shift ultimately took greater than a yr to make, and was the primary time that the workforce — the place Cirino and Harrison had spent 39 and 25 years, respectively, at Lincoln — ever switched companies. 

The group hadn’t been actively trying and was content material at Lincoln, Diamond mentioned, when a colleague — one other advisor who ended up becoming a member of them within the transfer — launched him to the group. 

Learn extra: $1B workforce strikes to Commonwealth with purpose of 1,000 monetary advisors

Cirino, Harrison and their workforce reluctantly agreed to think about their choices, and Diamond laid out 20 companies, from which they thought-about a handful of roughly 5. They considered beginning their very own RIA however realized it “wasn’t the proper match,” then thought-about leaping to main impartial broker-dealers and ultimately determined that Commonwealth, with its robust know-how platforms, match the invoice. 

“Once they seemed out over the horizon, they realized that the know-how they had been working with was so behind the instances, and wasn’t maintaining with the place the business was going,” Diamond mentioned. He added that Lincoln had lately undertaken price reducing measures that de-emphasized the planning division and altered the tradition for advisors. 

“They had been sufficiently big the place they had been doing every part themselves” at Lincoln, Diamond added. Moreover, because the workforce grew and seemed to rent extra advisors, the title of Lincoln — related to insurance coverage greater than with wealth administration — had confirmed a turn-off for high expertise, Diamond mentioned. 

A spokesperson for Lincoln declined to touch upon the transfer. 

Becca Hajjar, a managing principal and the chief enterprise improvement officer at Commonwealth, mentioned within the press launch that “the workforce will profit from our superior know-how, streamlined operations, and suite of refined options, together with our Superior Planning assist for high- and ultra-high-net-worth purchasers.” 

Tech-wise, “all of the elements of operations had been housed in a single spot” at Commonwealth, Harrison mentioned in an interview. “We’re in a position to have extra operational capability and extra time to spend with purchasers.” 

Learn extra: Commonwealth exploring how greatest to assist family-run companies

Hajjar added in an interview that it is a widespread follow at Commonwealth to attend just a few months earlier than saying a transition, in order that advisors can focus first on shifting purchasers over. “We would like folks to return right here and get settled. The announcement is nice to get on the market, however we would like their transition to achieve success and get the property moved over,” Hajjar mentioned. 

Persuading the purchasers to return alongside has been comparatively simple prior to now two months, Harrison mentioned, provided that the group was retaining its affiliation mannequin of being dually registered and easily switching its back-end supplier — in contrast to with some advisors, who lean extra on the model title of the brand new firm to promote their transfer to purchasers. 

Mentioned Harrison: “It is virtually like knowledgeable soccer workforce shifting from one stadium to a brand new stadium.” 

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