Commonwealth Adds Two Former Osaic Firms With Nearly $500 Million in Assets

Registered investment adviser Commonwealth Financial Network welcomed a pair of Jericho, N.Y.-based independent advisory firms that were previously affiliated with Securities America, now Osaic, and collectively reported more than $495 million in client assets.

Full Spectrum Financial Solutions: Advisers include Pat Lanotte, CFP, Christopher Jones, CFP, and Paul Michaluk. The team reported advising on $329 million in client assets as of Sept. 4, 2024. The company specializes in serving those nearing and in retirement through a “chief financial officer” approach attuned to scenario analysis and coordinated across clients’ other outside professionals.

NXT Phase Financial Services: Advisers include John Carbonara, CFP, and Michael Murray. The team reported advising on more than $166 million in client assets as of Sept. 5, 2024. The firm specializes in providing educators with a complete range of financial solutions, including 403(b) retirement plan advice.

Both Full Spectrum and NXT Phase were founded in the early 1990s. For each firm, this transition is the first-ever move outside the corporate umbrella of Osaic predecessor firms. Although separate, the firms share office space. The two teams jointly explored a partner transition and visited Commonwealth’s Waltham headquarters together. Both firms identified culture, technology, and wealth management support as key decision factors.

“To choose our community after decades elsewhere is a special honor for us, and in this case, that’s doubly true,” said Becca Hajjar, managing principal and chief business development officer at Commonwealth. “There are many paths to joining Commonwealth. This is a great example of how we can make the process easy for two firms transitioning side by side.”

Commonwealth partners with approximately 2,200 independent financial advisers overseeing more than $296 billion.

Lanotte, senior financial planner and principal owner of Full Spectrum, said: “Commonwealth’s reputation attracted our team, and what solidified the decision was our home office visit – seeing the organized approach to serving advisers and how the advanced planning, estate planning, marketing, and other teams connect the dots to help us grow. We can already see how the home office support and integrated technology are going to help us reach our long-term goals.”

It’s been a productive several years for Commonwealth. It added Jacksonville, Fla.-based Aegis Consulting to its network of affiliated advisers in 2023. Eighteen months later, Aegis nearly doubled its client assets to almost $2 billion and grew its adviser team from nine to 17 in September 2024, with its newest additions, Mark O’Sickey and Paul Solorzano, CFP. Together, they brought nearly $600 million in client assets to Aegis.

“Talk about culture can be lip service, but you really do get a sense for a positive culture when talking with people around Commonwealth – both home office staff and advisers who previously made the jump,” explained John Carbonara, CFP, wealth manager and principal of NXT Phase. “Seeing opportunities presented to improve efficiencies in our practice is rejuvenating.”

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