$430M Ex-Osaic Advisor Team Jumps to Commonwealth  

Commonwealth Financial Network has added an advisor team, formerly affiliated with Osaic, where they oversaw $430 million in assets. 

The Phoenix, AZ-based team functions as Patrick Funke & Associates, which includes financial advisors Patrick Funke and his wife, Jennifer Funke. The team provides 401(k) investments, retirement planning, investment strategies, and financial planning, to families, retirees, pre-retirees, and business owners, per their website. 

“When we last changed our partner firm, it was for additional size and scale,” Patrick Funke, said. “The Commonwealth model means partnering with a high-level, professional team that’s relationship-focused, not transaction-oriented. Looking ahead, Commonwealth and LPL will give us the foundation to grow our practice.” 

Patrick Funke & Associates chose Commonwealth for its “efficiency, order, and intuitive technology,” that it offers to clients. 

Before the team worked with Osaic, they were affiliated with Securities America, which is one of the broker/dealer institutions that was integrated into Osaic. 

Commonwealth, has made several other acquisitions this year, including a Rochester, NY–based advisory firm, Angelo Planning Group, with $1.5 billion in client assets. In March, LPL Financial struck a deal to acquire Commonwealth for approximately $2.7 billion, through a mix of cash, debt, and equity.