Cabot Lodge, a newly formed brokerage and wealth management firm with an office in New York, is opening three branch offices and hiring 100 financial advisors who will have an opportunity to become part owners of the company.

The offices will be part of Allied Beacon Partners, a financial services firm based in Richmond, Va., but will operate independently, says Cabot Lodge. The branch offices opening April 1 will be in Manhattan; Princeton, N.J., and Melville in Long Island, N.Y. Another office is slated to open in Boca Raton, Fla., May 1.

The 100 new advisors will be hired over the next two years. Further expansion is expected in the future, according to Cabot Lodge.

The advisors in the offices will have an opportunity to become part owners and own up to 49% of the practice. Ownership will be based on production and the advisors will help decide the goals and vision of the firm, according to Cabot Lodge.

"With the opening of these new offices we mark the launch of Cabot Lodge as a first-class wealth management firm dedicated to building a team of highly successful financial advisors, all of whom will have the opportunity to own shares in the company," said Stephen Rooney, vice president of national sales, training and recruiting for Cabot Lodge. "We believe that by focusing on our financial advisors and their clients first, we can achieve greater success for all involved."

Mentoring and training will be provided for new advisors.

Cabot Lodge will provide wealth management and financial services to clients with no minimum investment required. It will include traditional investments in stocks and bonds, retirement planning and investment banking.

It also will include alternative investment products for diversification and risk mitigation, Cabot Lodge says. These investments will be available to accredited investors and will include real estate syndications, tax credit programs and oil and gas programs, as well as publicly traded and non-traded real estate investment trusts.

-Karen DeMasters