Three Commonwealth Financial Network teams with nearly $400 million in assets are leaving for Savvy Advisors following LPL Financial’s acquisition of Commonwealth. Savvy now has over 100 wealth managers. Teams include Innovative Financial Solutions, Horizon Advisory Group, and Atticus Wealth Management.

LPL Financial acquired Commonwealth for $2.7 billion, aiming to retain 90% of Commonwealth advisors. Savvy operates on Fidelity and Schwab platforms, benefiting advisors who switch. Since the acquisition, nearly 250 advisor defections from Commonwealth have occurred, with firms like Cetera and Osaic attracting teams.

Savvy’s multi-custodial platform flexibility and technology are key attractions for advisors making the move. Commonwealth teams are drawn to firms offering competitive pay packages and open architecture technology stacks. Savvy’s partnership with Fidelity Investments’ National Financial Services custody platform is a significant factor in attracting advisors.

Read more at Yahoo Finance: Savvy Attracts Trio of Commonwealth Teams as LPL Strives for 90% Retention