Commonwealth Financial Network

Commonwealth Financial Network

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Company type	Private
Industry	Financial services
Founded	1979 (1979)
Headquarters	29 Sawyer Road, Waltham, Massachusetts , United States
Key people	Joseph Deitch (Chairman) Wayne Bloom (CEO)
Revenue	US$ 1 billion (2016)
AUM	Approximately $114.4 billion
Number of employees	Approximately 775
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. As of 2017, Deitch remains Chairman of the firm. The firm is owned and controlled by its 10 managing principals.

Commonwealth has approximately 1,710 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). Gross revenue per advisor in 2016 was the second-highest among independent broker/dealers, as reported by Financial Advisor in April 2017.

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.
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.