Commonwealth Adds $1.5B Upstate N.Y.-Based Angelo Planning Group
Wealth management firm Commonwealth Financial Network added Rochester, N.Y.-based Angelo Planning Group, or APG, to its network of independent advisers. Formerly with Osaic, the APG team reported advising on more than $1.5 billion in client assets, making it one of Commonwealth’s largest new affiliates to date.
Among APG’s 30 team members are 16 advisers, including founder and managing partner Ralph Angelo, and registered principal Todd Harris.
“Ralph Angelo and his partners have built a powerhouse practice by putting client service first, and we’re honored they chose Commonwealth to ensure that their model thrives, both now and as we partner with LPL Financial,” said Becca Hajjar, managing principal and chief business development officer of Commonwealth.
LPL announced its definitive purchase agreement to acquire Commonwealth – then, the largest independently owned wealth management firm in the United States – back in March. The $2.7 billion transaction is expected to close in the second half of 2025, with conversion completed in mid-2026, subject to regulatory approvals.
The APG team serves families and individuals with a model that puts financial planning at the forefront. “We’ve structured the business as a one-stop shop for everything in our clients’ financial lives – from retirement and estate planning to Medicare, long-term care, and other planning specialties,” said Ralph Angelo.
APG emphasized its no-minimum asset levels and word-of-mouth referrals, which it said has propelled the firm to roughly ten-fold asset growth over the past 15 years.
“We have ambitious growth plans made possible by a spectacular rising generation of financial advisers,” said Angelo. “Our move to Commonwealth ensures the durability of our service-oriented business model. Our due diligence emphasized making sure nothing would interrupt the natural flow of our business. We grew confident that Commonwealth holds itself accountable to the same client-service ethic we do.”
In addition to client-service ethic, the APG team highlighted compliance and technology enhancements as welcome supports to its advisory team’s success. In particular, Angelo noted next-gen advisers’ embrace of advanced technology. “We’re seeing significant benefits from the beginning and can focus on them, thanks to Commonwealth’s transition team making the onboarding process straightforward.”
Hajjar added: “APG’s team ranges from advisers with decades of experience to those early in their career. Our infrastructure and home office support are flexible so that we can meet advisers’ needs across that wide spectrum. We look forward to helping their client-first model thrive.”
Founded in 1979, Commonwealth has headquarters in Waltham, Mass., and San Diego, Calif., and an operations hub in Blue Ash, Ohio. Commonwealth partners with approximately 2,345 independent financial advisers overseeing more than $344 billion as of Dec. 31, 2024.
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