A team of five financial advisors in Wisconsin has bolted Commonwealth Financial, where they oversaw $450 million in assets under advisement, to join Osaic.
The team, operating as Midwest Financial Group in Madison, led by Matt Cuplin, CEO and president, and Brandon Masbruch, CIO and vice president, transferred to its new partner last month after conducting due diligence, Scottsdale, Ariz.-based Osaic said.
The move continues a trend of advisors leaving Commonwealth in the wake of its acquisition by LPL last year.
“We didn’t make this choice lightly, and we remain grateful for the experience and relationships we had at Commonwealth,” Masbruch, who has led his practice for almost a decade, said in a statement. “After an extensive search, Osaic stood out for the clarity of its vision, its commitment to service and the community it is building with advisors. We knew a transition would require significant work, but we believe this is the right long-term decision for the hundreds of families we advise and for our team at Midwest Financial Group.”
For nearly 35 years, Midwest Financial has provided financial planning, wealth management, tax and accounting, insurance, Medicare and employee benefits to families in Wisconsin and across the U.S.
“Our team has never been stronger, and our capabilities have continued to evolve,” Cuplin added. “Joining Osaic gives us another opportunity to build for the future while staying true to the relationship-driven approach that has defined our team for nearly 35 years.”
Osaic noted that its platform will provide the advisors’ team, which includes a support staff and dedicated Medicare, tax and employee benefits teams, with the flexible technology, back-office support and other resources they might need to grow the practice or plan for succession.
“Midwest Financial Group has built a differentiated, integrated business around the needs of the families it serves,” said Shannon Reid, president of Osaic and head of advisor growth and engagement. “That entrepreneurial, client-focused approach is exactly what we want to support at Osaic.”