Securities America continued to be a rich source of recruits for the Commonwealth Financial Network last month, bringing in a total of $700 million in fresh AUM.
Once again, the New England firm peeled a total of three advisory firms off Securities America in August.
And once again, each of the new affiliates was a big player within Securities America: either in the top 100 advisors at the once-troubled firm, or in the top 35.
The firms in question are based all over the country: Nebraska, Missouri, and New Jersey.
In the wake of last month's capture of three Securities America affiliates -- this time worth a total of $400 million in AUM -- it's obvious now that Commonwealth was one of the primary beneficiaries of Securities America's woes.
This makes the timing of Ladenburg Thalmann's takeover of Securities America interesting. Did they do it in time to repair the morale that was obviously deteriorating fast?
Or will we see another press release from Commonwealth this time next month announcing that advisors are still heading for the exits?