Fresh off a leadership transition, Worcester-based financial advisory firm Bartholomew & Co. is reshaping how it does business through its launch as a registered investment adviser.
Bartholomew’s new independent hybrid RIA structure will see it continue its relationship with Waltham-based Commonwealth Financial Network while setting up its own advisory services for fee-based investment and financial planning work.
The change will allow for the flexibility of an independent RIA while increasing access to resources and technology available to larger wealth management firms, said Alex Bartholomew, CEO and chief investment officer of Bartholomew & Co.
“As our firm continues to grow, it is important that our infrastructure evolves alongside it,” Bartholomew said in a Monday announcement. “Launching our own RIA strengthens our ability to support clients and advisers while remaining focused on the service, guidance, and investment expertise our clients expect.”
Clients will continue working with the same advisers while gaining access to the firm’s expanded capabilities.
Bartholomew’s move comes as Commonwealth Financial Network has been acquired by San Diego-based LPL Financial, with the integration expected to be completed by the fourth quarter.
The merger will see Commonwealth absorbed into LPL, potentially serving 30,000 financial advisers and overseeing $2 trillion in client assets, according to WealthManagement.com, depending on how many Commonwealth advisers LPL can retain.
Alex Bartholomew was named CEO of Bartholomew & Co. in June, taking over for his father, Founder and Chairman Tom Bartholomew. Tom has remained a lead adviser to his clients and as an adviser in strategic decision making at the firm.
Founded in 1994, Bartholomew works with individual investors, families, businesses, municipalities and nonprofits. The firm has $6 billion in assets under management, with 21 local advisers and 35 total staff, according to data provided to the WBJ Research Department.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
