Diversified Capital Management, a Syracuse, N.Y.-based advisory firm with about $550 million in AUM, has joined Commonwealth Financial Network, according to a Commonwealth press release.
Diversified Capital’s advisors include certified financial planners William Kriesel and Kevin Visconti, and George Nardone, ChFC, the press release said. The team previously was part of Cadaret Grant, which was part of Atria Wealth Solutions until the latter was recently acquired by LPL Financial.
Diversified Capital provides financial planning and investment management to individuals and families, bringing in accountants and attorneys as needed, the announcement said. The firm also advises business owners through retirement plan consulting, tax planning and succession planning.
As part of their move to Commonwealth, the Diversified Capital team dropped their RIA registration, the announcement said.
"By dropping their RIA registration and integrating our technology across their day-to-day operations, the team can give greater focus to client needs and business growth," Becca Hajjar, Commonwealth's managing principal and chief business development officer, said in a prepared statement.
Visconti said there was a cultural fit with Commonwealth because all the advisors are independent.
Kriesel agreed, saying that contemplating a partner change meant focusing on how the change would affect their clients.
“We want to make sure our clients are taken care of beyond the career of any one advisor,” he said. “We want to bring them more value and serve them better. At Commonwealth, we found what I feel the industry used to be 15 years ago—that advisor-centric service level is still there.”
Commonwealth partners with about 2,200 independent financial advisors overseeing more than $296 billion in client assets, the press release said.