Commonwealth Financial Network adds an $881 million Pennsylvania-based company after more than three decades at Securian Financial.
The move comes several months after Cetera acquired Securian’s retail wealth business.
Based in Doylestown, Pennsylvania, Foundations Financial Partners consists of President and Managing Partner Christopher Hackley, Partner and Senior Advisor Keith Tomer, Client Services Director Roark Gover, and six advisors and five other associates, all of whom will serve at the Move to Commonwealth.
Hackley said that he was drawn to Commonwealth in part for the opportunity to support the development of advisers. He said he wants to use Commonwealth’s bids to find a pace of acquisitions that would double the firm’s assets and number of advisers within five years.
“Commonwealth has the capital to support my growth goals and has had a stable ownership structure for more than 40 years,” said Hackley.
According to him, Hackley had been associated with Securian before Commonwealth since 1992 IAPD profile.
In January, Cetera Financial Services agreed to purchase all of Securian’s retail wealth business, including its broker/dealer, registered investment advisor and insurance agent. In addition, Cetera bought the equity of Securian Trust Company and acquired the ability to distribute Securian’s life and pension products through its own employees.
As a result, Cetera should add more than 1,000 employees and 30 independent firms to its network, totaling $47.4 billion in assets under management and $24.8 billion in assets under management.
Securian would be renamed Cetera Wealth Management Group to be integrated into Cetera Advisor Networks as a “standalone community,” with the transaction expected to close in the third quarter of this year. (WealthManagement.com reported today that Adam Antoniades, CEO of Cetera, is expected to step down from his position by the end of this year.)
In addition to building an extensive wealth management experience, Hackley has spent more than ten years designing its development program for new advisors. The tract optimizes advisors’ opportunities to earn industry designations and advance their careers, while giving clients of all levels the opportunity to work with advisors who offer advice more typical of very high net worth clients.
