Wealth managementAdvisor move
Four advisors leave Commonwealth for Kestra, which drew 23 group moves in six months
The four advisors who registered with Kestra are part of two larger counts: 23 group moves into Kestra in six months, and 53 other group departures from Commonwealth this half-year.
DFX calculationKestra Advisory Services, LLC has taken in 73 advisors through 23 group moves over the past six months, by DFX's count. One of those groups is four advisors who left Commonwealth Financial Network within days of each other, according to the SEC's investment adviser representative records (IAPD), with the departures dated October 29, 2026.
DFX counts a group move as a firm's advisors, or a team, re-registering with one firm within days. The chart plots those moves into Kestra across the six months.
The departures are not yet in Commonwealth's filings
This exit is not Commonwealth's first this half-year: DFX recorded 53 other group departures, to &partners, Alongside, LLC, and Apollon Wealth Management, LLC, among others.
Commonwealth's annual Form ADV filings report regulatory assets of $212.7 billion for fiscal 2025, against $209.7 billion for 2024 and $85.2 billion for 2018. The chart's only annual fall is 2022, to $146.4 billion from $161.9 billion for 2021.
That series ends at fiscal 2025, and IAPD does not carry client assets; those surface, if at all, in the next Form ADV filings of both firms. Until then, group counts cannot separate ordinary turnover at a firm this size from a material shift of assets.
What to watch
Commonwealth's next Form ADV will update the $212.7 billion figure, which would show any change in assets but not its cause. Kestra's filing is the other half of the comparison.
Not in the SEC registration records: client assets moved.
See where financial advisors moved, firm by firm, in the RIA Movement Tracker
Sources (3)
- 4 advisors left Commonwealth Financial Network (Monterey, CA) for Kestra Advisory Services, LLC within 4 daysIAPD individual compilation feed · October 29, 2026 · Cited by 2 claims
- DFX records: SEC IAPD adviser registrationsCited by 2 claims
- DFX records: Form ADV adviser recordsCited by 1 claim
Read next
- Also about CommonwealthThe advisor migration: wirehouses lost 777 advisors to other channels in 90 days and recruited 466
DFX classified 5,640 recruiting moves in the SEC's advisor records by where advisors came from and where they went, after setting aside 730 bulk transfers and 415 moves between registrations of the same firm. LPL Financial led the net gains.
- Also about Commonwealth Financial NetworkFive advisors leave Commonwealth for Mercer, adding to 55 group exits this half-year
DFX has recorded 55 other group departures from Commonwealth this half-year, against two group moves into Mercer Global Advisors. The client assets that followed are not in the SEC's adviser records.
- Wealth managementBluespring Wealth Management's regulatory assets reach $7.8 billion, up 44% since July
The firm's latest Form ADV data puts its regulatory assets far above anything in its annual filings for fiscal 2018 to 2025, when the figure stayed between $952 million and $1.6 billion.
More from the wealth management desk
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Go further
- Explore Kestra Advisory ServicesThe record: relationships, filings, people and history
- Examine Commonwealth Financial NetworkIts record in the Data Factory
- New filings, deals and stories about it, in your digest
- See it on the capital mapPlaced in Texas, at the headquarters of the firm the advisors joined
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