Commonwealth Financial to recruiters: Lay off MassMutual reps
March 4, 2021 By Bruce Kelly, Investment News The Commonwealth Financial Network advised outside recruiters not to engage with MassMutual's reps. The company doesn't want to step on any toes due to a licensing agreement involving a tech firm it once owned. Commonwealth Financial Network, a leading broker-dealer and registered investment adviser, took the unusual step this week of telling outside, third-party recruiters to back away from referring reps from MML Investors Services, the broker-dealer arm of Massachusetts Mutual Life Insurance Co., known as MassMutual, a leading insurance and retirement company. The reason? Commonwealth Financial Network and MassMutual struck a software deal two years ago, in which Commonwealth’s stand-alone technology company, Advisor360, entered into a licensing agreement that made Commonwealth’s suite of software tools available to the insurance company’s advisers, who are registered with...
