Commonwealth Adds $430M Independent Adviser Team, Formerly With Osaic
Wealth management firm Commonwealth Financial Network added Phoenix-based Patrick Funke & Associates to its network of independent advisers.
Adviser Patrick Funke, CLU, ChFC, AIF, manages the practice together with his wife and longtime business partner, Jennifer Funke. Previously with Osaic, the team reported advising on more than $430 million in client assets.
“Patrick and Jennifer sought an operational model that would free up time to focus on client service and growing their practice, and we’re honored that they found their long-term fit with Commonwealth,” said Becca Hajjar, managing principal and chief business development officer.
More than 25 years ago, Patrick Funke recognized an opportunity to build a sustainable niche serving small corporate retirement plans with a strong focus on participant education. “Oftentimes, a workplace 401(k) meeting can be the first interaction an investor has with an adviser,” he explained. “This provides an opportunity to make those meetings a gateway to making a genuine difference in people’s lives.”
“We aim to be a lower-cost provider, offering financial planning and investment services consistent with what I describe as an evidence-based approach to investment selection,” added Patrick.
In selecting a partner firm, Jennifer Funke emphasized the need for efficiency, order, and intuitive technology. “With the Commonwealth approach, we appreciate that when we have questions, people pick up the phone, listen, and call back promptly,” she said.
The pair were wary about the transition process but found it smooth. “Now that we’ve transitioned, we’re finding that opening a new account takes five minutes. The system generates all the forms, and it’s easy for clients to approve via DocuSign,” said Jennifer.
“The Commonwealth model means partnering with a high-level, professional team that’s relationship-focused, not transaction-oriented. Looking ahead, Commonwealth and LPL [Financial] will give us the foundation to grow our practice,” said Patrick.
This is the second adviser firm this month that AltsWire has covered heading to Commonwealth and also the second formerly with Osaic. Commonwealth added Rochester, N.Y.-based Angelo Planning Group, or APG, to its network, which reported advising on more than $1.5 billion in client assets, making it one of Commonwealth’s largest new affiliates to date.
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.
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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