Through collaborative evolution, Commonwealth and its affiliates achieved significant growth rooted in authenticity
WALTHAM, Mass.–(BUSINESS WIRE)–Commonwealth Financial Network®, a national firm dedicated to providing financial advisors with holistic, integrated business solutions, announced record recruiting results for 2023. For the full year, Commonwealth onboarded 292 advisors to both new and existing practices across the country. These advisors were accompanied by a total of $15.9 billion in client assets, an increase of nearly 42 percent compared to 2022’s record recruiting year.
“Commonwealth’s future is particularly bright. I couldn’t be prouder of the recruiting results we’ve achieved over the past two years paired with the new initiatives and product enhancements that deliver immense value to our Advisors,” stated CEO Wayne Bloom. “While we had an incredible year, so did our Advisors, and we thank them for their continued trust in us. Commonwealth is well-positioned to attract client-centric Advisors who rely on innovative solutions that broaden capacity and expertise while building efficiencies and scale into their operations. We’re evolving faster than ever before and intently focused on growth while firmly staying true to our legacy and standards of affiliation.”
The average assets of advisors who joined affiliated firms increased nearly 34 percent, representing strong growth across Commonwealth’s community of independent businesses and an increased interest in supporting advisors who choose to join existing firms. Specifically, advisors who joined existing practices were responsible for close to $820 million of the overall recruited assets.
The firm saw continued momentum from advisors seeking to join from RIAs, independent broker/dealers, regionals, and wirehouses. Once again, most assets recruited last year were fee-based, a direct result of the transformation unfolding across the industry. At the end of 2023, Commonwealth supported nearly 2,200 affiliated advisors nationwide, overseeing more than $296 billion in client assets.
“Direct access to Commonwealth’s senior leadership team and subject matter experts, coupled with its ever-expanding product offerings and advisor-centric culture, are among the top reasons multi-advisor enterprises and individual solo advisors choose Commonwealth as their firm partner,” explained Becca Hajjar, managing principal and chief business development officer at Commonwealth.
“As their dependable partner, advisors can build their own business or join an existing firm and experience firsthand how their trust in us will be fulfilled in the ways that matter most to them,” Hajjar continued. “Advisors who choose Commonwealth know they are joining a community of like-minded advisors who have the support of a firm partner that can tailor its services and offerings to align to their specific business and client needs. Now more than ever, we remain committed to our authenticity and advisor-centric values that enable us to deliver an indispensable advantage to our advisors at a nimble pace.”
About Commonwealth Financial Network®
Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 10 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California. Learn more about how Commonwealth partners with approximately 2,200 independent financial advisors overseeing more than $296 billion* in assets nationwide by visiting www.commonwealth.com.
Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012, 2013, 2014, and 2018‒2023 U.S. Financial Advisor Satisfaction Studies. Presented on July 5, 2023, for December 2022 to April 2023, it is based on responses from 4,183 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm’s future performance. Your experience may vary. Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit jdpower.com/awards for more details.
* As of 12/31/2023