 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1979 |
| Headquarters | 29 Sawyer Road, , United States |
Key people | Joseph Deitch (Chairman) Wayne Bloom (CEO) |
| Revenue |  US$1.233 billion (2017) |
| AUM | Approximately $156 billion |
Number of employees | Approximately 854 |
| Website | www |
Commonwealth Financial Network is a privately held Registered Investment Adviser–independent broker/dealer based in Waltham, Massachusetts, and 110 Plaza in San Diego, California, and a new office to be opened in 2024 in Cincinnati, Ohio.[1] The company was founded in 1979 by Joseph S. Deitch and was incorporated under the name Commonwealth Equity Services. In 1999, the name Commonwealth Financial Network was adopted. As of 2017, Deitch remains Chairman of the firm. The firm is owned and controlled by its 13 managing principals.[2]
Commonwealth has approximately 1,950[2] independent financial advisers and financial planners for whom it serves as a "back office", processing investment transactions on behalf of their clients, and to whom the firm provides resources and consulting services to support the advisors' businesses.
Advisors who affiliate with the firm must earn a minimum of $200,000 in annual gross broker/dealer concessions (GDC).[2] Gross revenue per advisor in 2017 was the highest among independent broker/dealers, as reported by Financial Advisor in April 2017.[3]
History
| Year | Event |
|---|---|
| 1979 | Firm incorporated as Commonwealth Equity Services. |
| 1985–1987 | Commonwealth was named one of Inc. magazine's 500 fastest-growing private companies in the U.S. for three consecutive years. |
| 1991–2005 | Investment Advisor magazine named Commonwealth Broker/Dealer of the Year a total of ten times.[4] |
| 1992 | Commonwealth acquired Kavanaugh Securities of Dallas, Texas, to expand its national presence. |
| 1999 | Changed name to Commonwealth Financial Network. |
| 2000 | Commonwealth opened its San Diego office. |
| 2009 | Wayne Bloom, a 20-year Commonwealth veteran and managing principal since 1999, succeeds Joseph Deitch as CEO. Mr. Deitch remains chairman of the firm. |
| 2013 | Rich Hunter, a 25-year Commonwealth veteran and managing principal since 1996, is appointed president and COO. Peter Wheeler assumes the title of Vice Chairman.[5] |
| 2016 | Commonwealth ranks highest in advisor satisfaction on Wealth Management magazine's 2016 Independent Broker/Dealer Report Card. |
| 2017 | Commonwealth is honored with the Invest in Others Corporate Philanthropy Award – Financial Institutions for the firm's grassroots initiative, Chemo Caps for Kids. |
| 2018 | Kol Chu Birke, Trap Kloman, and Brad McMillan are welcomed as managing partners, spreading Commonwealth's ownership among 13 dedicated, tenured, industry experts and strengthening the firm's management ranks for years to come. |
| 2018 | Commonwealth announces Trap Kloman will assume the dual role of president and chief operating officer at year-end. Rich Hunter will remain one of 13 managing partners.[6] |
| 2018 | For the fifth straight time, J.D. Power ranks Commonwealth "Highest in Independent Advisor Satisfaction Among Financial Investment Firms."[7] |
| 2018 | To date, Commonwealth has been recognized a remarkable 41 times as one of the Best Places to Work by five top publications.[8] |
References
- ^ https://www.thinkadvisor.com/2023/10/20/commonwealth-to-open-new-home-office-cincinnati/
- ^ a b c "Get Key Facts, Including Revenue and Assets | Commonwealth Financial". www.commonwealth.com. Retrieved 2019-01-29.
- ^ Broker-Dealer Review and Ranking (April 23, 2017). "FA's 2017 B-D Ranking" (PDF). Financial Advisor.
- ^ Investment Advisor Magazine
- ^ "Commonwealth Names Hunter President, COO; Adds Affiliation Models". Think Advisor. 7 June 2013. Retrieved 27 July 2020.
- ^ "Trap Kloman to Become President and COO of Commonwealth Financial Network® at Year-End". www.commonwealth.com. Retrieved 2019-01-29.
- ^ "Commonwealth Ranks Highest in J.D. Power Independent Advisor Satisfaction, Five Times in a Row". www.commonwealth.com. Retrieved 2019-01-29.
- ^ "Multiple Best–Place–to–Work Winner | Commonwealth Financial". www.commonwealth.com. Retrieved 2019-01-29.
This page was last edited on 18 February 2024, at 23:15