A Syracuse-based agency with $550 million AUM will be a part of Commonwealth’s unbiased advisor community, the dealer/seller introduced in the present day.
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 yr.
Kriesel based DCM in 1998. In response to Kriesel’s biography on DCM’s website, he labored for a CPA agency within the late Nineteen Nineties and was dismayed when a shopper 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 shoppers (together with accountants and attorneys).
In response to Kriesel, Commonwealth matched what “the business was once 15 years in the past.”
“We need to be sure our shoppers are taken care of past the profession of anybody advisor,” he stated. “In considering a associate change, our decision-making was at all times round how modifications to our enterprise would influence our shoppers.”
In response to Becca Hajjar, Commonwealth’s managing principal and chief enterprise improvement officer, by becoming a member of Commonwealth, DCM will drop its personal RIA registration and combine Commonwealth’s expertise into its each day operations, releasing up extra time for shopper wants.
Kriesel was affiliated with the Syracuse-based Cadaret, Grant & Co., starting in 1999, in response to FINRA information. In 2018, Atria Wealth Options acquired the then-$23 billion RIA, together with about 900 advisors.
Earlier this yr, 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 by means of a mixture of money and debt. The entire buy included $100 billion in belongings, 2,400 advisors and 150 banks and credit score unions.
As a part of the deal, Atria would transfer its brokerage and advisory belongings custodied beneath 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 entire conversion of Atria advisors slated for mid-2025.
Commonwealth presently companions with roughly 2,200 unbiased advisors with over $296 billion in belongings managed nationwide. In September, the b/d introduced it might 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(ok) Plan out there to the IBD’s advisors. In August, the agency attracted a $630 million Temple, Ariz.-based staff from Osaic.
