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Commonwealth Financial Network information


Commonwealth Financial Network
Company typePrivate
IndustryFinancial services
Founded1979; 45 years ago (1979)
Headquarters29 Sawyer Road,
Waltham, Massachusetts
,
United States
Key people
Joseph Deitch (Chairman)
Wayne Bloom (CEO)
RevenueIncrease US$1.233 billion (2017)
AUMApproximately $156 billion
Number of employees
Approximately 854
Websitewww.commonwealth.com

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]

  1. ^ https://www.thinkadvisor.com/2023/10/20/commonwealth-to-open-new-home-office-cincinnati/
  2. ^ a b c "Get Key Facts, Including Revenue and Assets | Commonwealth Financial". www.commonwealth.com. Retrieved 2019-01-29.
  3. ^ Broker-Dealer Review and Ranking (April 23, 2017). "FA's 2017 B-D Ranking" (PDF). Financial Advisor.

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