Mammini Company, an advisory team managing $3 billion in assets, has decided to join RIA aggregator Commonwealth Financial Network.
San Diego, California-based Commonwealth Financial announced Tuesday that Mammini had moved its eight-member team over from broker-dealer Lincoln Investment. Commonwealth, which provides support to independent advisors along with running its own advisory and broker-dealer businesses, has nearly $243 billion under management and 2,100 advisors.
Mammini was founded roughly 30 years ago and specializes in working with unions and sponsors of corporate retirement plans on the West Coast.
"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," Mike Mammini, the owner and president of Mammini Company, said in a statement.
Mammini, who started his career at Prucco Securities in Newark, New Jersey, in 1987, is one of four advisors on the firm's staff. The others include his son Mitch Mammini, who started his career in 2019 at Sanford C. Bernstein in Los Angeles.
Commonwealth Financial, founded in 1979, gives firms the choice of joining its own advisory business or remaining independent and making use of its support services. Its offerings to independent outfits include help with human resources, compliance and technology.
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Mammini said he and his colleagues are also looking forward to learning from other RIAs operating under the Commonwealth umbrella.
"We wanted to be with a fresh cohort — with firms of a similar size, doing similar things, that we can learn from," he said in a statement.
