Commonwealth loses $650M firm to RIA channel

From Investment News

 

D.B. Root & Co. had been an affiliate since 1997
 

D.B. Root & Co., a firm affiliated with Commonwealth Financial Networkthat managed more than $650 million in client assets, has formed a registered investment advisory.

 

The Pittsburgh-based RIA includes founder and CEO David B. Root, along with advisers Charles Stout, David Hoffmann, Steve Kohler and Michael Aroesty, certified public accountant Lynne Hoffay, as well as nine members of the support staff.

 

The firm was founded in 1994 and had been affiliated with Commonwealth since 1997. Prior to launching D.B. Root, Mr. Root served as president of Bill Few Associates, an investment and financial advisory firm.

 

 “The partnership allows us to write the next chapter for our firm, which would include adding RIAs through partnering or acquisition and enabling us to scale the potential for our distribution of our investment ideas,” said Mr. Root. “It will enable us to go farther upstream working with a larger client profile.”

 

D.B. Root is using Dynasty Financial Partners’ integrated wealth management services and technology.

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