Commonwealth Recruits $3 Billion Firm From Lincoln

Michael Madden, Contributing Editor & Research Analyst, Wealth Solutions Report

San Diego Advisory Firm Mammini Company Serves Labor Unions And Corporate Retirement Plans, Anticipates Expansion

Commonwealth Financial Network announced the recruitment of San Diego, California-based Mammini Company, formerly with Lincoln Investments. With almost $3 billion in client assets, the firm’s eight staff members include four advisors. It is led by owner and President Mike Mammini. His son Mitch Mammini also serves as an advisor.

Mike Mammini, President, Mammini Company

A large portion of the Mammini Company’s clients are labor unions and corporate retirement plans. Mike Mammini said, “The foundation of our defined contribution retirement plan practice stems from my father’s leadership in the Sheet Metal Workers’ Union and has forged our roll-up-your-sleeves approach to designing sustainable retirement plans for working-class families.”

Mammini plans for strategic expansion leveraging Commonwealth’s toolkit. The firm looks to expand its footprint in both trust funds and retirement plans, as well as promote personalized financial wellness programs for employees.

Mike Mammini continued, “Partnering with Commonwealth gives us, and our clients, access to sophisticated technology that we just didn’t have before. We see big value in Commonwealth’s institutional knowledge, the full Investment Research team, and the accessible support of being eight miles away from the San Diego home office.”

Becca Hajjar, Managing Principal & Chief Business Development Officer, Commonwealth Financial Network

Becca Hajjar, Managing Principal and Chief Business Development Officer at Commonwealth, said, “The Mammini family heritage of equipping working families with financial security is dear to the heart of the Commonwealth mission. We are happy to welcome them to the Commonwealth community and look forward to merging their experience with energy and resources that fuel all our affiliated advisors.”

Commonwealth served over 2,100 financial advisors with more than $242.9 billion in assets as of Dec. 31, 2022. In September, the firm recruited Paragon Financial from LPL and expanded its Talent Exchange Initiative, which connects its affiliated advisors with students participating in CFP programs at select partner universities. In June, it recruited $881 million Foundations Financial Partners from Securian.

Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at mmadden@wealthsolutionsreport.com.

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