Commonwealth Financial Network

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Commonwealth Financial Network
Type Private
Industry Financial Services
Founded 1979
Headquarters 29 Sawyer Road
Waltham, MA 02453
Key people Joseph S. Deitch, Chairman
Wayne Bloom, CEO
Revenue Increase $822 million USD (2013)
AUM Approximately $86 billion
Employees Approximately 610
Website www.commonwealth.com

Commonwealth Financial Network is a privately held independent broker/dealer-RIA based in Waltham, Massachusetts, and 110 Plaza in San Diego, California. 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. Deitch remains Chairman of the firm. The firm is owned and controlled by its 11 managing principals.

Commonwealth has approximately 1,487 independent financial advisors 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). The percentage of the firm’s advisors earning more than $250,000 in annual GDC, and the average payout received per advisor, are among the highest of the top 10 independent broker/dealers.[1]

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.[2]
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.
2004–2009 Commonwealth was named a Best Place to Work in Massachusetts by the Boston Business Journal for six consecutive years.[3]
2007–2014 Computerworld magazine named Commonwealth one of the Best Places to Work for technology professionals for eight consecutive years.[4]
2008-2013 Recognized as a Top Workplace in the midsize category for six consecutive years in the Boston Globe’s list of the 100 Top Places to Work. In 2010, Commonwealth was ranked #1 in the categories of diversity and opportunities for women.[5]
2009-2014 The San Diego Business Journal named Commonwealth a Top Midsize Place to Work in San Diego. In 2013, Commonwealth was ranked the #1 Best Place to Work among large companies.[6]
2010 Commonwealth ranked “Highest in Independent Advisor Satisfaction among Financial Investment Firms” in J.D. Power and Associates’ 2010 Financial Advisor Satisfaction Study.[7]
2012 For the second consecutive time, J.D. Power and Associates ranks Commonwealth, "Highest in Independent Advisor Satisfaction Among Financial Investment Firms".[8]
2013 J.D. Power and Associates ranks Commonwealth "Highest in Independent Advisor Satisfaction Among Financial Investment Firms, Three Times in a Row." [9]
2013 Recognized as the #1 Top Workplace among small companies on the U-T (Union-Tribune) San Diego Top Workplace list, and honored with a special award for ethics.[10]
2013 Commonwealth is honored with the Women’s Choice Award, and is pleased to make the Women's Choice Award for Financial Advisors available to its advisors who can distinguish themselves as leaders in the women's market.[11]
2014 For the fourth time, J.D. Power ranks Commonwealth "Highest in Independent Advisor Satisfaction Among Financial Investment Firms." [12]

References[edit]

  1. ^ Investment Advisor's Annual Broker-Dealer Reference Guide 2013 http://www.advisorone.com/2013/05/28/the-2013-broker-dealer-reference-guide?t=ibds&page=4
  2. ^ Investment Advisor Magazine http://www.investmentadvisor.com/Issues/2009/September%202009/Pages/BD-of-the-Year-Through-the-Years.aspx
  3. ^ Boston Business Journal 5/28/04; 6/24/05; 6/23/06; 6/22/07; 6/13/08; 6/19/09
  4. ^ Computerworld http://www.computerworld.com/spring/bp/detail/1003
  5. ^ The Boston Globe http://www.bostonglobe.com/Page/Boston/2011-2020/WebGraphics/Business/BostonGlobe.com/2013/11/top_places/top_places_large.xml
  6. ^ San Diego Business Journal http://www.bestplacestoworksd.com/
  7. ^ J.D. Power http://businesscenter.jdpower.com/news/pressrelease.aspx?ID=2010200
  8. ^ J.D. Power http://www.jdpower.com/press-releases/2012-us-financial-advisor-satisfaction-study
  9. ^ Commonwealth Financial Network ® received the highest numerical score in the independent advisor segment in the proprietary J.D. Power and Associates 2010, 2012, and 2013 Financial Advisor Satisfaction StudiesSM. 2013 study based on 2,547 total responses and measures overall financial advisor satisfaction among advisors registered with the Financial Industry Regulatory Authority (FINRA) investment firms. Proprietary study results are based on experiences and perceptions of financial advisors surveyed in October 2012–February 2013. Your experiences may vary. Visit jdpower.com. http://www.jdpower.com/press-releases/2013-us-financial-advisor-satisfaction-study
  10. ^ Union-Tribune San Diego http://www.utsandiego.com/news/2013/nov/08/top-workplaces-employees-best-places-to-work/
  11. ^ http://www.commonwealth.com/news/press-releases/2013/121013-Commonwealth-Financial-Network-Earns-the-Game-Changing-Womens-Choice-Award.aspx
  12. ^ Commonwealth Financial Network® received the highest numerical score in the independent advisor segment in the proprietary J.D. Power 2010 and 2012–2014 Financial Advisor Satisfaction Studies℠. 2014 study based on 3,901 total responses and measures overall financial advisor satisfaction among advisors registered with the Financial Industry Regulatory Authority (FINRA) investment firms. Proprietary study results are based on experiences and perceptions of financial advisors surveyed in January–April 2014. Your experiences may vary. Visit jdpower.com. http://www.jdpower.com/press-releases/2014-us-financial-advisor-satisfaction-study?elq=f87ee64894e84dfcab49d080265708be&elqCampaignId=936