Waltham, MA. (December 16, 2009) —In the fiscal year ending December 31, 2009, Commonwealth Financial Network^® reached its highest level of new advisor revenue recruited in the firm’s 30-year history. The independent broker/dealer–RIA optimized a year of heavy movement between advisors and broker/dealers to hand-select the most successful advisors in the industry.

Commonwealth’s average revenue per new advisor recruited increased 40 percent year-over-year, reaching $350,000 in gross dealer concessions (GDC). In total, the firm’s 2009 new advisor revenue exceeded $60 million. Commonwealth continues to require one of the highest minimums in the industry, $200,000, for new advisors to join the firm.

“We appreciate that growth is critical, but we remain focused on the careful addition of quality advisors to ensure a positive influence on our culture and high-touch service model,” said Andrew Daniels, managing principal, field development.

“While Commonwealth exceeded all of its recruiting records in 2009, on every metric, we maintained our rigorous process of selecting leading financial advisors,” said Daniels.

In addition to bringing new advisors on board, Commonwealth increased its home office employee headcount by 13 percent in an effort to support its network of existing advisors during the economic recession.

“Our employees are the best investment we have,” said Daniels. “We wanted to ensure that our network of advisors received the highest level of support during one of the most challenging years in our industry.”

Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, and a registered investment adviser, is celebrating its 30th anniversary as a leading, privately owned independent broker/dealer, with offices in Waltham, Massachusetts, and San Diego, California. The firm supports more than 1,200 independent registered representatives nationwide and makes available a comprehensive array of financial products and services.


Contacts:
Emily Guadagnoli
Manager, Media Relations
Commonwealth Financial Network
www.commonwealth.com
781.736.7980, x9639
eguadagnoli@commonwealth.com