Commonwealth Financial Network - Wayne Bloom Named CEO of Commonwealth

Commonwealth Achieves Record for New Advisor Revenue, Adds Leading Wealth Management Firms to Network

Waltham, Mass. (April 16, 2009) —Commonwealth Financial Network^® today reported results for the first quarter of 2009, which featured the highest new advisor revenue recruited in the firm’s history, a significant increase in average gross dealer concessions (GDC) per advisor, and the addition of leading wealth management firms. The independent broker/dealer maintains its tradition of compensating its recruiting staff with a base salary, not commissions—an industry rarity—to ensure the acquisition of industry-leading financial advisors.

First-quarter highlights:

Total new advisor revenue for the quarter grew 70% from same time period a year ago—reaching a firm record.
First-quarter recruiting revenue exceeded more than 50% of total revenue recruited in 2008.
The average 12-month GDC for new advisors grew 60% over first quarter 2008.
Home office visits from prospective advisors have increased 50% year-to-date.
Advisors who committed to join the firm will result in a 120% increase in new advisor revenue in second-quarter 2009, compared with that time period last year

“The industry is in the midst of a sea change in terms of who the individual investor has confidence in,” said Andrew Daniels, managing principal, field development. “Indeed, there is an increased perception that traditional brokerage firms have conflicts of interest, while Commonwealth advisors are in a position to offer the best of agenda-free financial expertise to the client.”

Commonwealth offers no proprietary products and it owes nothing to any outside entity, holding company, or creditor.

While 2009 has produced an upswing in advisors recruited from traditional wirehouse firms, it has also brought an increase in inquiries and advisors from insurance-owned and larger independents. Commonwealth added two of the leading wealth management firms, Diversified Investment Services and The Oak Financial Group, to its network of independent financial advisors and RIAs.

Diversified Investment Services of Anaheim Hills, California, joined from Royal Alliance, while The Oak Financial Group of Angleton, Texas, joined from LPL Financial. Together they oversee approximately $670 million in assets under management, as of March 31, 2009.

“Commonwealth is the largest truly independent firm in the industry,” said Rick Moore, president of The Oak Financial Group. “There’s no doubt we’ll benefit from Commonwealth’s stability, coupled with its exceptional level of service and best-of-class technology. It’s exactly what we need to take our firm to the next level.”

Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, 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
Senior Public Relations Specialist
Commonwealth Financial Network
www.commonwealth.com
781.736.7980, x9639
eguadagnoli@commonwealth.com