Jim Komoszewski, the new president of AdvisorNet Financial, is overseeing growth strategy and leading efforts to continue expanding its network of 300 independent financial advisers.
AdvisorNet Financial offers affiliated advisers back-office, insurance and registered investment adviser services and a broker-dealer partnership for them to use in serving their clients.
The firm has seen significant growth over the past five years, including recruiting more than 20 advisers in 2019, Komoszewski said. The firm’s Minneapolis headquarters has 100 employees and its affiliated advisers work in 17 states, mostly in the Midwest.
AdvisorNet Financial has added retail locations in Maple Grove and Phoenix and doubled the number of its employees, according to the firm. It manages more than $12 billion in assets at Cetera Advisor Networks, its broker-dealer partner, and has more than $3.5 billion in assets under management on its registered investment adviser platform.
One priority, Komoszewski said, is raising awareness of what he termed the boutiquelike, personalized approach the firm takes in offering advisers a broad range of services.
“We already have the model,” Komoszewski said. “We just have to figure out how to make sure more people know about that value proposition. That’s my 2020 objective.”
Komoszewski, who has more than two decades of experience in financial services, previously was president and CEO at Investment Centers of America Inc. He pioneered practice management programs at that firm and National Planning Holdings.
Komoszewski succeeds former President Dan May, who remains as chairman of the board, CEO and regional director, and joins May on the executive team.
“We are confident that Jim’s passion for this industry, his integrity and alignment with our culture will help support our future success,” May said in a release. “Given his solid track record of leadership, we’ve strengthened our firm’s positioning for future growth and support for our advisers and the clients they serve.”
As AdvisorNet Financial celebrates 60 years in business in 2019, Komoszewski said its independent ownership was part of what appealed to him about joining the organization.
Q: Why is the firm’s independence important?
A: What I love about it is it was established by advisers for advisers. We are still 60 years later very adviser-centric. One thing that makes us completely different from a lot of the competition is we’re still owned by advisers. It’s all advisers and a few staff.
Q: What is priority of yours?
A: We have a comprehensive suite of services that we offer our advisers. We’re looking to continue to promote and elevate and add to those services so that financial advisers can spend the majority of their time doing what I believe is a very noble business, which is helping individuals and families and businesses with their goals and planning and needs.
Q: How is your industry experience serving you in this role?
A: The most important aspect that I can bring is that I’ve always worked very closely with the financial advisers. Even when I was president and CEO of another firm I kept in close contact. I traveled all over the country and stopped at offices saying, “What can we be doing better?” The other thing is part of my background is in practice management, looking at organizational structure and development, management and planning. I can apply that not only to the advisers in their practice but to our entity at AdvisorNet Financial as well.
Todd Nelson is a freelance writer in Lake Elmo. His e-mail is email@example.com.