Adam Spiegelman is converting his dad's old Northwestern Mutual practice into a Fidelity RIA -- after growing to $400 million of AUM over seven years at Commonwealth

Adam Spiegelman's practice has been an RIA in the making since 1989, but it took the blockbuster deal of 2025 to finally make it happen.

The final push to form Spiegelman Wealth Management in Alamo, Calif., was sparked by LPL Financial's plan to acquire Commonwealth Financial Network, where the former investment adviser representative managed $400 million. See: LPL CEO claims 'prize' 'anti-LPL' Commonwealth for just $2.7 billion, but the price will rise, experts say, to retain its advisors conditioned to know LPL as a place with subpar service, culture

“When the announcement came out, I realized it was time to evaluate whether a corporate M&A event aligned with my long-term vision,” he says. 

"I’ve always run a very personal, relationship-driven practice—founded by my father, Alan, in 1989 as a unit of Northwestern Mutual —and I wanted to preserve that independence and flexibility."

LPL dangled a retention bonus, he says, but he decided not to take it.

“The long-term value of independence far outweighs any short-term incentive,” he adds.

“Almost 100% of our business was already fee-based, so this transition was more evolutionary for us.”

LPL projects it will retain about 90% of Commonwealth's advisors, despite stepped up poaching and recruiting by competitors.

All the best

No hard feelings from Commonwealth, which issued this statement in response to a query about Spiegelman's move. 

“With great intention, we built a community of the most successful advisors, and we know we can—and will—continue to attract them to Commonwealth. 

"Independent Advisors are free to make their own decisions that suit their paths—and we remain focused on the future. We thank every Advisor who has been part of our community and wish them continued success."

Thoughtful leap

Adam Spiegelman joined his dad's practice in 2003 as  a wealth advisor and has led it since 2014. Spiegelman left Northwestern for Commonwealth in 2018 and his practice still sells life insurance – which is now in limbo.

“I still am licensed to sell life insurance but am still evaluating options to sell it in the future. It’s not a big part of my business currently,” he explained. 

Still, Spiegelman says the seeds had long since been planted.

“I’ve been exploring the idea off and on for several years, but the process became more focused and intentional over the past few months,” he says. 

“I wanted to make sure that if I ever made the leap, I’d do it thoughtfully, with the right partners, technology stack, and structure in place to ensure continuity and enhanced service for clients.”

Right fit

Fidelity Institutional Wealth Management Services for custody and Black Diamond for performance reporting software are the two key partners going forward, Spiegelman says.

The choice of Fidelity was an easy one – it required less re-papering because Commonwealth's platform sits on Fidelity's.

“Fidelity was the right fit for a number of reasons,” he adds. “Our clients were already custodied there, which certainly helped minimize friction. But beyond that, their advisor support and long-term alignment with the RIA space gave me confidence.”

Indeed, friction is minimized and becomes a big pitching point for would-be poachers, says Philip Waxelbaum, principal at Masada Consulting, LLC, a recruiting firm.

“A big convenience-- simple re-paper because of BD change but no ACAT required,” he says.

"Also, it's core to pitch from other suitors to Commonwealth advisor that share NFS [National Financial Services, Fidelity's clearing unit] platform."

LPL responded by assuring an utterly friction-free move within the LPL/Commonwealth ecosystem.

“We respect every advisor’s decision to choose the path that best serves their business and clients. We’re proud that so many have chosen to remain with Commonwealth and LPL,” it states.

"These advisors will benefit from a completely seamless conversion to the LPL platform—allowing them to stay focused on what matters most: their clients. This frictionless experience is unparalleled to a transition anywhere else.”

Clients positive

Black Diamond will be more of an adventure because it's new.

“We’re now using Black Diamond for performance reporting, which is a change from our prior system.,” he says. 

"It has been portrayed to me as a more client-friendly experience and integrates well with our new tech stack. Since we are in the beginning stages of this process, there is a bit of a learning curve, but we are confident this is the best solution for our clients."

How do clients feel about being drawn into the big change?

“The response has been overwhelmingly positive,” Spiegelman says. 

“Many of my clients have been with me for 15- to 20-years or more, and they’ve expressed appreciation that we’re taking control of our future. They value the independence and the fact that we remain a boutique firm focused entirely on their interests.”