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Our Story
The first ten years
Joseph Deitch founded Commonwealth in 1979 as an outgrowth of his retail
financial planning practice, The Cambridge Group. Previously, he had
been an advisor with another broker/dealer. When that firm’s
credibility was undermined by conflicts of interest stemming from its
own proprietary products, he decided to start a new broker/dealer.
Back in 1979, there weren’t as many viable independent B/Ds to choose
from as there are today, so the original business plan assumed that
other disenfranchised financial planners would see Commonwealth as a
breath of fresh air.
It took a while. While a growth rate that doubles every year sounds
impressive, it means little when you have only two advisors.
Eventually, the numbers became meaningful. We started to prosper,
adopting the Commonwealth name in 1981 to reflect our desire to foster
the common good of our employees and advisors.
| 1981 |
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A Becker Research poll
acknowledges us as the most prominent financial planning firm in the area. |
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| 1984 |
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A pioneer in fee-based asset management, Commonwealth introduces its first mutual fund wrap program. |
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| 1985-1987 |
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Inc. magazine recognizes
us as one of the 500 fastest-growing private companies in the U.S.
for three straight years. |
But things screeched to a halt after the stock market crash of
October 1987. B/Ds, banks, and real estate businesses across the country
were forced out of business. At Commonwealth, we tightened our belts and worked diligently to survive this
severe down market.
Older, wiser . . . and on the right side of the street
The smoke eventually cleared and the financial markets began to sort
themselves out. And an amazing thing happened as money returned to the
stock market: Commonwealth was perfectly positioned for growth.
| 1989 |
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We introduce Practice
Management assistance. We’re one of the first firms to acknowledge
that our advisors aren’t salespeople; they’re small business owners. We
begin offering courses on everything from hiring and managing staff
to effective communication skills and disciplined strategic planning. |
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| 1991 |
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Investment Advisor magazine presents Commonwealth with its first Broker/Dealer of the Year Award. We were pleased to receive two more awards in 1992 and 1994. |
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| 1992 |
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We make our first (and only)
acquisition: Kavanaugh Securities. With its national presence, Kavanaugh establishes Commonwealth as a national broker/dealer. |
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| 1996-2002 |
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Onward and upward—Investment Advisor magazine names us Broker/Dealer of the Year six of the next seven years. |
And it seems to work. Commonwealth is the second largest, privately
held independent broker/dealer in the United States. Since 1979, our
revenues have grown at an extremely healthy pace. Our long-term record
certainly rivals the best companies in the country.
| 2000 |
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We open our San Diego
headquarters to better service our West Coast advisors. |
Service, service, and service
Ultimately, our success depends on our ability to satisfy the
needs of the advisors who choose us as their
broker/dealer. Over the years, we have consistently raised the service
bar as we have grown in size and stature within our industry.
In the mid-90s, we officially changed our goal of "superior service" to
"world-class service." We believed that we had reached the point where
we could deliver service as good as, if not better than, anyone in the
world—certainly as good as anyone in our industry.
The never-ending quest for excellence
Behind the awards stands our fanatical desire to be the best in
everything that we do, and here’s a sampling:
- Our industry conferences
- Our practice management counsel
- Our initiative to answer the phones in less than eight seconds
- COMMunity Link®, one of the most robust websites in the industry
To be the best is smart business sense, and it’s enormously
satisfying.
| 2001 |
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We choose to adopt a standard of
excellence that no one else in our industry has yet to undertake. We
have set our sights on becoming "Indispensable" to our
advisors and our fellow employees. |
| 2004 |
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We celebrate our 25-year anniversary! |
| 2004 |
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Joe Deitch is featured among the leading CEOs of the world in the book Leadership Secrets of the World's Most Successful CEOs: 100 Top Executives Reveal the Management Strategies That Made Their Companies Great (Dearborn Publishing). Mr. Deitch is the only CEO from an investment brokerage firm featured. |
| 2005 |
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Investment Advisor magazine once again names Commonwealth Broker/Dealer of the Year, bringing our total to ten—an unprecedented record! |
| 2005 |
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Commonwealth’s San Diego office celebrates its fifth anniversary by adding the Commonwealth name in big, bold lights to the city skyline. This rooftop sign marks the location of the San Diego headquarters and supplements Commonwealth’s branding efforts. |
| 2008 |
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In the Boston Globe’s inaugural list of the Top 100 Places to Work in Massachusetts, Commonwealth is named the #1 company to work for in the midsize category—and #2 overall. We also make Computerworld’s list of the 100 Best Places to Work in IT for the second year in a row, and the Boston Business Journal’s list of the Best Places to Work in Massachusetts for the fifth consecutive year. |
| 2009 |
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It’s official now: coast to coast, Commonwealth is a great place to work! Our first year on its list, the San Diego Business Journal has named us the #1 Best Place to Work in the midsize category. Once again, we also received Best Place to Work recognitions in the top six from the Boston Business Journal, Boston Globe, and Computerworld. |
| 2009 |
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Wayne Bloom, a 20-year Commonwealth veteran and managing principal since 1999, succeeds Joseph Deitch as CEO. Mr. Deitch remains chairman of the firm. |
| 2010 |
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To date, Commonwealth has been recognized a remarkable 15 times as one of the Best Places to Work by four top publications. These accolades affirm our commitment to creating a supportive environment where we all can thrive professionally and individually. |
| 2010 |
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Thank you to our advisors! Commonwealth ranks “Highest in Independent Advisor Satisfaction among Financial Investment Firms,” according to J.D. Power and Associates. |
We’re constantly celebrating our achievements throughout the entire
company. We’re only limited in the future by our imaginations and our
resolve.
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