J.D. Power and Associates Ranks Commonwealth Financial Network® Highest in Independent Advisor Satisfaction
Waltham, MA (November 4, 2010)—In its first annual report of independent advisor satisfaction, J.D. Power and Associates ranked Commonwealth Financial Network® “Highest in Independent Advisor Satisfaction among Financial Investment Firms.”
Commonwealth also received five out of five Power Circle Ratings in the eight key drivers of satisfaction surveyed by J.D. Power and Associates: firm performance, people, technology, compensation, contact, job duties, products for clients, and offerings for advisors.
“We are honored and humbled to be the highest-ranked firm in the first Independent Financial Advisor Satisfaction Study from J.D. Power and Associates,” said Commonwealth CEO Wayne Bloom. “This is an award that we share with our advisors—they’re working hard every day to satisfy their clients, and it helps inspire us to do the same for them.”
Commonwealth received an overall satisfaction rating of 898 on a 1,000-point scale and performed particularly well in perception of financial stability and operational and compliance support.
“We’ve started by setting the bar high, but I guarantee our dedicated home office staff will strive to retain the highest ranking in the future,” said Bloom.
The study also finds that a majority of the best practices that drive advisor satisfaction center on maximizing the time advisors can spend with their clients and minimizing the time spent on administrative activities. This includes adjusting an advisor’s workload so that only 15 percent or less of a typical week is spent on compliance-related tasks such as paperwork, and providing completely integrated software programs.
“We are able to focus on our advisors, and provide them with leading products and services, because we are truly independent—we have no debt, are not beholden to any outside investors, and are privately held by our founder and managing partners,” said Bloom.
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, and a registered investment adviser, is 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. For more information, please visit www.commonwealth.com.
About J.D. Power and Associates
Headquartered in Westlake Village, California, J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit www.JDPower.com.
Commonwealth Financial Network received the highest numerical score in the independent advisor segment in the proprietary J.D. Power and Associates 2010 Financial Advisor Satisfaction StudySM. Study based on 2,863 total responses and measures overall financial advisor satisfaction among advisors registered with the Financial Regulatory Authority (FINRA) investment firms. Proprietary study results are based on experiences and perceptions of financial advisors surveyed in February – June, and July – August, 2010. Your experiences may vary. Visit jdpower.com