Commonwealth's Power in Practice Program Yields Steady Revenue Growth Among Participants
Waltham, MA (March 25, 2014)—Commonwealth Financial Network®, the nation’s largest privately held independent broker/dealerâ€“RIA, recently wrapped up its year-long business development coaching program, Power in Practice. Now in its fourth year, the program emphasizes a dual focus on enhancing production and building business infrastructure in the areas of leadership, human capital management, increasing scale and capacity, sustainable marketing, and risk management.
Approximately 30 advisors participated in the latest program, working together in two peer groups. As the advisors’ broker/dealer–RIA, Commonwealth has been uniquely poised to measure program effectiveness by evaluating participants’ revenue growth over an extended period of time.
Advisors participating in the 2013 program increased revenue by an average of 17 percent, compared with an average of 14 percent for those who did not participate in the program. This represents a significant 21-percent growth rate improvement.
Results last far beyond the actual year of participation. A long-term tracking study shows that advisors who participated in the program in 2011 and 2012 also experienced higher-than-average growth rates in 2013 relative to those in a similar GDC range who have not participated in the program. The 2011 program participants showed a 21-percent improvement, and participants in 2012 demonstrated an impressive 57-percent improvement over their peers. This steady stream of revenue growth validates both the long-term impact of the program and the direct effect it has on an advisor's bottom line.
Led by Joni Youngwirth, Commonwealth’s managing principal of practice management, Power in Practice was established exclusively for Commonwealth advisors. “The data we are able to extract truly tells a remarkable story—and affirms what I was confident this program could achieve,” Youngwirth said. “These advisors fully commit their time and effort to this program, and they benefit greatly within a matter of years.”
2013 program participant Jill Hansen, president of Hansen Financial MV, said, “Hands down, this was the most worthwhile program I have participated in, in years. Last year alone, my production increased 40 percent. Power in Practice holds you accountable to create a solid plan for your business—you are responsible for your course of action.” Hansen added, “Only at Commonwealth, and with Commonwealth advisors, can you have continuing communication among other reps and a willingness to share ideas. It has all been hugely beneficial to my practice.“
Youngwirth added, “I have been pleased with the traction this program has had among the Commonwealth advisor community, and the interest level achieved through word of mouth alone. I am eager to continue to reinforce the program concepts for participants, and closely monitor the program’s impact over time.”
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, is the nation’s largest privately held independent broker/dealerâ€“RIA, with headquarters in Waltham, Massachusetts, and San Diego, California. J.D. Power and Associates ranks Commonwealth “Highest in Independent Advisor Satisfaction Among Financial Investment Firms, Three Times in a Row.” The firm supports more than 1,487 independent advisors nationwide in serving their clients as registered representatives, investment adviser representatives, and registered investment advisers, as well as through hybrid service models. For more information, please visit www.commonwealth.com.
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