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Joseph Deitch

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Joseph S. Deitch (born June 9, 1950) is an American business executive and philanthropist, and the author of Elevate: An Essential Guide to Life.[1] In 2018, he founded the Elevate Prize Foundation, whose mission is to “empower individuals and organizations whose ideas and endeavors elevate the human experience".[2] The organization will award $5 million annually amongst its recipients starting in 2020. He is the founder and Chairman of Commonwealth Financial Network,[3][4] the largest privately owned independent broker/dealer-RIA in the United States with approximately $161 billion in assets under management.[5] In addition, Deitch is the chairman of Southworth Development,[6][7] a golf and leisure real estate company. He has also served as a Broadway Producer[8] and won a Tony Award as co-producer of The Gershwin’s Porgy and Bess in 2012.[9] Deitch also founded the Deitch Leadership Institute at the Boston Latin School,[10] the oldest public school in the United States (1635).[11]

Life and career

Deitch was born and raised in Boston, Massachusetts. He lived in Dorchester and Mattapan, graduating in 1968 from the Boston Latin School, and then attended the University of Pennsylvania, where he received a BA in International Relations in 1972.[7] He later attended Harvard Business School, graduating from the Owner/President Management program in 1989.[12]

Following graduation from the University of Pennsylvania, he moved to the U.S. Virgin Islands for two years, before moving back to Boston. He began his professional career in 1974 with Mass Indemnity. He then moved to New England Life in 1975, to pursue a career in financial planning, and in 1978, he founded The Cambridge Group which provided comprehensive financial planning services to affluent individuals. In 1982, Becker Research Corporation named The Cambridge Group the most prominent financial planning firm in its area.[13]

In 1979, he formed Commonwealth Equity Services, an independent Broker-dealer.[14][15] Today, the company is known as Commonwealth Financial Network. In 1988, Deitch left The Cambridge Group in order to focus exclusively on Commonwealth.

In 2006, he formed a partnership with Southworth Development CEO David Southworth, becoming chairman of Southworth Development,[16] a golf and leisure real estate company with properties in the United States, Scotland, and The Bahamas.[17] Each of the company's six properties have received national and/or international acclaim.[18][19][20][21][22][23][24][25]

Deitch served as CEO of Commonwealth Financial Network until 2009, when he assumed the role of Chairman.[26] Today, Commonwealth serves approximately 2,000 investment advisors, with approximately $161 billion in assets under management as of 12/31/18.[15] In 2017, Commonwealth was ranked as the number 9 “Best Place to Work in IT" among small organizations by Computerworld Magazine,[27] and has been recognized as a ”Best Place to Work” 41 times by regional publications in Boston and San Diego.[28] J.D. Power and Associates has ranked Commonwealth “Highest in Independent Advisor Satisfaction Among Financial Investment Firms,” five times in a row.[29]

From 2009 – 2012, Deitch co-produced 9 Broadway productions, most of which were produced through Full House Productions, with Deitch serving as principal. These shows include The Addams Family, A View from the Bridge,[8] and Fela,[8] many of which were nominated for, or won, several Tony awards.[30] In 2012, Deitch won a Tony award as co-producer for The Gershwin’s Porgy and Bess[9]

Impact

In 2004, 2005, and 2006, Deitch was recognized by Investment Advisor magazine as one of the Top 25 most influential people in the financial planning industry.[31] In 2010, the magazine named him one of the “30 most influential individuals in and around the planning profession,”[32] In 2015, Deitch was named to Investment Advisor magazine as one of the Top 35 most influential people in the financial planning industry.[33] Through Southworth Development, he developed the first 18-hole Geo-Certified Course in the UK, ranked #1 as the Top Eco Course [34] as well as a top 6 Modern Courses in Scotland, and helped push it to #59 of the top links course in the UK. The company's Ugadale Hotel was named Resort Hotel of the Year at the Scottish Hospitality Awards.[35]

Community activities

In 2011, Deitch helped to form Commonwealth Cares, a 501(c)(3) charity designed to maximize the impact of Commonwealth Financial Network's charitable efforts. The organization is dedicated to offering time, talent, and financial resources to help relieve human suffering, promote social and economic growth, and protect our planet's resources.

Also in 2011, he founded the Deitch Leadership Institute at the Boston Latin School. The institute provides leadership training and focuses on individual growth and community improvement.[10] Mr. Deitch also serves on the board of Sanku: Project Healthy Children, an organization working to alleviate malnutrition in Africa. In 2019, Sanku received the Zayed Sustainability Prize,[36] Fast Company's Most Innovative Companies,[37] and was one of eight organizations named in Give Well's Standout Charities.[38] The organization also fortified its 1 millionth bag of flour with vitamins and minerals in 2019.[39] The Elevate Prize Foundation, which Deitch founded in 2018, will award $5 million annually to recipients “whose ideas and endeavors elevate the human experience” starting in 2020.

Personal life

Deitch married psychologist Robbie Sue Lacritz, PsyD, in 1982. They were married until her death of ovarian cancer in December, 2006.[40] He has one son, born in 1986.

References

  1. ^ Guide to Elevate Official website
  2. ^ "Elevate Prize". Guide to Elevate. Retrieved 2019-05-22.
  3. ^ "Commonwealth Financial Network®- Chairman's Welcome". Commonwealth.com. Retrieved 2013-07-11.
  4. ^ http://www.advisorone.com/2013/06/07/commonwealth-names-hunter-president-coo-adds-affil Archived 2013-06-19 at the Wayback Machine Commonwealth Names Hunter President, COO; Adds Affiliation Models
  5. ^ "Get Key Facts, Including Revenue and Assets | Commonwealth Financial". www.commonwealth.com. Retrieved 2019-05-22.
  6. ^ Golf & Leisure Cape Cod, Summer 2012, p 26 http://www.southworthdevelopment.com/uploads/pdf/wb-GolfandLeisure_ProfileWBandDS_09182012_lowres.pdf
  7. ^ a b "Our Team". Southworth Development. Archived from the original on 2014-03-01. Retrieved 2013-07-11.
  8. ^ a b c http://www.playbillvault.com/Person/Detail/115169/Joseph-Deitch
  9. ^ a b "Archived copy". Archived from the original on 2013-06-03. Retrieved 2013-07-01.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ a b [1][dead link‍]
  11. ^ "The Oldest Schools in America | USC Rossier Online". Rossieronline.usc.edu. 2012-04-23. Retrieved 2013-07-11.
  12. ^ Henschen, Jonathan (2013-03-26). "5 IBDs That Changed the Game". Advisorone.com. Archived from the original on 2013-05-24. Retrieved 2013-07-11.
  13. ^ http://www.commonwealth.com/news/media_kit/NoteworthyMilestones.pdf
  14. ^ "Commonwealth Financial Network®- History". Commonwealth.com. Retrieved 2013-07-11.
  15. ^ a b "Commonwealth Financial Network | Broker-dealer Data Center". InvestmentNews. Retrieved 2013-07-11.
  16. ^ "The Southworth Story". Southworth Development. Archived from the original on 2014-03-01. Retrieved 2013-07-11.
  17. ^ Fairways of Life, Spring/Summer 2013, p 62 http://www.southworthdevelopment.com/uploads/pdf/MD-FairwaysOfLife-FullArticle-LR.pdf
  18. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2014-02-22. Retrieved 2013-07-01.{{cite web}}: CS1 maint: archived copy as title (link)
  19. ^ http://creightonfarms.com/wp-content/uploads/2013/05/CF-GolfInc-ClubhouseOfYr2013-Intro+CF.pdf[permanent dead link‍]
  20. ^ "Golf Inc. - Winter 2013". Nxtbook.com. Retrieved 2013-07-11.
  21. ^ http://www.negcoa.org/club/scripts/library/view_document.asp?NS=PUBLIC&DN=COYAPP
  22. ^ . Meredith Bay, the company’s only non-golf property, has been awarded several industry excellence awards.
  23. ^ http://www.meredithbaynh.com/sites/default/files/LaconiaCitizen_LakesidePropertyWinsIndustryExcellenceAward_041611.pdf
  24. ^ "Archived copy". Archived from the original on 2015-07-11. Retrieved 2015-07-10.{{cite web}}: CS1 maint: archived copy as title (link)
  25. ^ "Archived copy". Archived from the original on 2015-07-11. Retrieved 2015-07-10.{{cite web}}: CS1 maint: archived copy as title (link)
  26. ^ Green, James J. (2009-01-26). "Commonwealth Financial Names Wayne Bloom as CEO". Advisorone.com. Archived from the original on 2013-07-11. Retrieved 2013-07-11.
  27. ^ 100 Best Places to Work in IT 2015 (2017-06-12). "Best Places to Work 2017: Employer Profile of Commonwealth Financial Network". Computerworld. Retrieved 2017-07-10.{{cite web}}: CS1 maint: numeric names: authors list (link)
  28. ^ "Commonwealth Financial Network®- Life at Commonwealth: Best Places to Work". Commonwealth.com. Retrieved 2015-07-10.
  29. ^ 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
  30. ^ Jacobs, Allen (2010-06-14). ""Fela!" Wins At Tony Awards, Jay-Z & Will Smith On Hand | Get The Latest Hip Hop News, Rap News & Hip Hop Album Sales". HipHop DX. Retrieved 2013-07-11.
  31. ^ "The IA 25". Advisorone.com. 2005-05-01. Archived from the original on 2013-07-11. Retrieved 2013-07-11.
  32. ^ "Thirty for Thirty". Advisorone.com. 2010-05-01. Archived from the original on 2012-10-08. Retrieved 2013-07-11.
  33. ^ "The 2015 IA 35 for 35". thinkadvisor.com. 2015-05-12. Retrieved 2015-07-10.
  34. ^ AML (2010-11-01). "Mach Dunes earns GEO certification". Golf Course Architecture. Retrieved 2013-07-11.
  35. ^ "NCG announce their top 100 British Link golf courses". Nationalclubgolfer.com. 2012-12-14. Archived from the original on 2013-07-11. Retrieved 2013-07-11.
  36. ^ "Winners". zayedsustainabilityprize.com. Retrieved 2019-05-23.
  37. ^ "Sanku-Project Healthy Children: Most Innovative Company". Fast Company. Retrieved 2019-05-23.
  38. ^ "Standout Charities". GiveWell. Retrieved 2019-05-23.
  39. ^ "Sanku Just Fortified Our One Millionth Flour Bag!". Project Healthy Children. 2019-02-10. Retrieved 2019-05-23.
  40. ^ "The Fessenden School ~ Fessenden Mourns the Passing of Dr. Robbie Lacritz Deitch". Fessenden.org. 2006-12-04. Retrieved 2013-07-11.
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