Commonwealth Unveils New Virtual Administration Program

In-house operational support saves advisors time and promotes staff member growth.

WALTHAM, Mass.–(BUSINESS WIRE)–Commonwealth Financial Network®, a national firm dedicated to providing advisor-focused business solutions, announces the launch of its Virtual Administration (VA) Program. This offering pairs advisors, who need support in a range of operational areas, with professionals who are trained and employed by Commonwealth, tapping into valuable knowledge and expertise while freeing up time for the participating offices.

The team of specialists, part of a larger operations department, seamlessly collaborates across business functions to provide prompt, accurate support to the advisors and clients they serve. They offer an alternative to hiring part-time staff and eliminate the need to spend time and money on training, human resources management, technology, and setup.

“This program takes the time-consuming, day-to-day tasks off an advisor’s plate,” said Jon Bohs, senior vice president of brokerage operations. “And it’s one-on-one support, not a pooled service. By gaining an intimate knowledge of the firm they’re working with, VAs recognize their advisors’ needs and work to maximize efficiencies so the advisor can focus on growing their business and training their staff for more client-facing work.”

“We started the VA Program in beta with the idea that some advisors needed help for maybe one or two days a week,” added Bohs. “But what we found was that, by getting back more time, advisors were able to identify growth opportunities or impediments and take action to make improvements. It’s exciting to see how our program has not only provided operational support but has also been a springboard for helping advisors evolve their practices.”

Advisors participating in the program are matched with a dedicated VA, who acts as a part-time staff member for the duration of a six-month agreement, which can be automatically renewed. VAs work for their advisors in 8-hour segments, up to 24 hours per week. Tasks handled by VAs include document preparation, opening and updating accounts, transferring assets, updating CRM and pulling reports, and providing direct support to an advisor’s clients. They have access to Commonwealth’s CRM and an email address at the advisor’s domain—this provides a seamless experience for the advisor’s clients. And, by understanding an advisor’s practice and processes, VAs can provide critical feedback to Commonwealth, resulting in ongoing enhancements that benefit all advisors.

About Commonwealth Financial Network®

Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides a suite of business solutions that empowers more than 2,000 independent financial advisors nationwide. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, Eight Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California. Learn more about Commonwealth by visiting www.commonwealth.com.

Commonwealth received the highest score in the independent advisor segment of the J.D. Power 2010, 2012, 2013, 2014, 2018, 2019, 2020, and 2021 Financial Advisor Satisfaction Studies of customers’ satisfaction among financial advisors. Visit jdpower.com/awards.

Contacts

Sarah Baun
781.464.7138
Public Relations Manager

sbaun@commonwealth.com
Commonwealth Financial Network

www.commonwealth.com