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Six advisors formerly affiliated with Commonwealth Financial Network have teamed up to form a Pennsylvania-based registered investment advisory firm.  Kintra Wealth, which oversees $4 billion in assets under management, has launched with 74 employees across Pennsylvania, New Jersey, Rhode Island, Massachusetts, Ohio, Kentucky, Florida, and Texas.  The advisors decided to launch Kintra, stemming from Commonwealth’s $2.7 billion sell-out to LPL Financial and its assets transfer to LPL’s platform at the end of this year.  The six founding firms are Evergreen Wealth Solutions, Warren Wealth Associates, Loring Advisory Group, Tupler Financial, Rembrandt Financial Group, and McCarthy & Cox, the firm disclosed.  According to the RIA’s Form ADV filed on March 31, Kintra will use Fidelity’s National Financial Services for clearing and custody of client assets.  “At Kintra, each of our firms has built something strong independently, but by coming together, we’re able to elevate the client experience, expand our capabilities, and invest more deeply in a modern, technology-enabled platform,” Andy Harris, CEO and co-founder of Kintra, said. “Most importantly, this allows our advisors to collaborate more intentionally, so clients benefit from a broader perspective, deeper planning, and more thoughtful guidance.”  Harris, whose firm is Williamsport, PA-based Evergreen and was affiliated with Commonwealth from 2015 to 2019, according to his BrokerCheck profile.  Following the completion of LPL’s acquisition of Commonwealth, the independent broker-dealer also stated that it was “on track” to retain approximately 90% of Commonwealth advisors.   However, since last August, LPL has lost nearly 700 advisors, according to a study released in January from AdvizorPro and Muriel Consulting.  The study also found that Raymond James was a top option for departing advisors at 33%, followed by Kestra at 19% and Cambridge Investment Research at 11%.  Advisors who also left Commonwealth last year, about 36%, moved to an RIA, the study stated.  LPL Financial is expected to report its earnings for the first quarter on April 30.  Earlier this month, Merit Financial Advisors acquired Billings, MT-based Strategic Retirement Plans, from Commonwealth, which manages about $586 million in assets under management. Pictured: Kintra Wealth The post Six Commonwealth Firms Spin Off to Create $4B RIA appeared first on Connect Money.

Source: https://www.connectmoney.com/stories/si ... te-4b-ria/