- Wednesday, October 16, 2024
Commonwealth Financial Network has achieved its biggest recruiting triumph of the year by onboarding Mammini Company, an advisory practice that manages $3 billion in client assets. Mammini Company made the shift from broker-dealer Lincoln Investment and joined the independent broker-dealer in San Diego last month. The eight-person practice, led by owner and president Mike Mammini and his son Mitch, found Commonwealth appealing due to its comprehensive tools, advanced technology, and abundant resources that will assist them in expanding their business.
Mammini Company's clientele primarily consists of labor unions and corporate retirement plan sponsors. According to Mike Mammini, the foundation of their defined contribution retirement plan practice stems from his father's leadership in the Sheet Metal Workers' Union. This background has significantly influenced their hands-on approach to designing sustainable retirement plans for working-class families.
Mike Mammini began his career in 1987 and had been affiliated with Lincoln since 2012, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra.
Headquartered in San Diego and Waltham, Mass., Commonwealth Financial Network is a privately-held company that boasts more than 2,100 independent financial advisors overseeing a total of $242.9 billion in assets (as of December 2022). This year, Commonwealth has successfully recruited several large advisor teams, including a group of former Edward Jones advisors who managed nearly $1 billion in client assets in January, and a $1.24 billion advisor team from rival Lincoln Financial in May.
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