A Syracuse-based agency with $550 million AUM will be part of Commonwealth’s impartial advisor community, the dealer/seller introduced as we speak.
Advisors William Kriesel, Kevin Visconti and George Nardone lead Diversified Capital Administration. They have 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 accordance with Kriesel’s biography on DCM’s website, he labored for a CPA agency within the late Nineteen Nineties and was dismayed when a consumer was positioned in an funding program that didn’t meet their wants. Kriesel was impressed to kind DCM in 1998 and prioritize collaborating with professionals working with their purchasers (together with accountants and attorneys).
In accordance with Kriesel, Commonwealth matched what “the trade was once 15 years in the past.”
“We wish to be sure that our purchasers are taken care of past the profession of anybody advisor,” he stated. “In considering a accomplice change, our decision-making was all the time round how modifications to our enterprise would affect our purchasers.”
In accordance with 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 know-how 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 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 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 beneath a number of broker-dealers onto the LPLC platform; Cadaret Grant was one among 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 presently companions with roughly 2,200 impartial advisors with over $296 billion in property managed nationwide. In September, the b/d introduced it could accomplice 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.
