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The Business We're In If you’re not familiar with the financial services industry (and even if you are!), the following provides a basic understanding of what Commonwealth does and how we fit into the big picture.What it means to be an independent broker/dealer A broker/dealer is a company that buys and sells investment products on behalf of investors. In our case, investors don’t contact us directly; rather, we receive instructions from the 1,000-plus financial advisors who are affiliated with us. We function as the unseen back office that processes client transactions for them. Ours is a heavily regulated business. The SEC (Securities and Exchange Commission) delegates the supervision of financial advisors to FINRA (Financial Industry Regulatory Authority). FINRA, in turn, requires every financial advisor to affiliate with a broker/dealer for registration and supervision purposes.  We like to think that even if our advisors were not required to work with a broker/dealer, they would choose to partner with us! The fact that we are "independent" means that our advisors work for themselves out of their own offices and are free to help clients choose the best investment products to meet financial goals—without pressure to sell a particular company’s products. This business model differs from that of other, large financial institutions, known as "wirehouses, " whose advisors (stock brokers) are employees of the company. Commonwealth departments Click on the links to see a list of departments in each functional area. Finance Investment Products Legal Marketing and Communications Operations Practice Management Recruiting Technology Transition Finance Commissions processes payments to advisors that result from the sale of securities and insurance products. Finance maintains the firm’s financial records, recommending strategies for improving our bottom line and developing our corporate business plan. Investment Products Investment Consulting Services consults with advisors on strategies for growing their advisory practice and provides advisors with comprehensive investment solutions including asset allocation, product implementation, portfolio case design, and the approved advisory platforms. We call our fee-based platform Preferred Portfolio Services® (PPS). Insurance is a full-service insurance agency that helps advisors address financial risks with clients to help them meet long-term goals. Products offered and supported include annuities and life, disability, and long-term care insurance. Investment Research reviews and approves investment products and provides recommendations to advisors on economic analysis, asset allocation, portfolio management, individual investment managers, and the full range of investment products the advisors may use to help clients achieve financial goals. Retirement Consulting Services provides advanced technical, sales, marketing, and product-based support, as well as legislative updates, to help our advisors service and grow their retirement business. Wealth Management helps advisors strengthen relationships with clients through a holistic planning approach that encompasses every aspect of their clients’ financial lives. Legal Compliance works with home office staff and advisors to interpret and apply state, federal, and other rules and regulations governing the securities industry. Legal advises the firm and our advisors on all legal and regulatory matters. Licensing maintains the securities registration and insurance licensing information for our advisors and our home office staff.
Web Services and Usability is responsible for all aspects of the layout and navigation of Commonwealth’s Web-based products and services, ensuring the best possible user experience. They share best practices with advisors to help them create and continuously improve their own websites. Operations Cashiering processes checks, securities, wire transfers, and other transactions relating to client investments. Data Integrity ensures that the online data our advisors use to manage their clients’ investments are accurate and up-to-date. Document Services is responsible for imaging, storing, and retrieving all documents related to clients’ investment business. The Human Resources department designs and delivers programs, practices, and processes to meet the needs of Commonwealth and its employees. Through innovative and solid people-oriented programs, Commonwealth is able to hire and retain the absolute best talent. New Accounts processes new investment accounts opened by advisors on behalf of their clients. Office Services manages everything that keeps our home offices running, including the reception areas, mail processing, in-house kitchens, and our entire physical plant. Retirement Operations provides retirement account support and processes distribution requests for all types of retirement plans. The Service Center serves as the "one-stop shop" for all operations-based calls from advisors—either by answering the question immediately or coordinating with departments throughout the company to resolve problems. Transfer of Assets, also known as TOA, processes and tracks the transfer of all investor assets in and out of Commonwealth. The Trade Desk executes the purchase and sale of securities on behalf of our advisors’ clients. Practice Management Practice Management acts as business consultants to our advisors, helping them develop their practices and advising them on everything from strategic thinking to staffing to marketing. Recruiting Recruiting cultivates our network of financial advisors and helps evolve and grow the firm by identifying and nurturing relationships with prospects who would be a good "fit" with Commonwealth’s culture and standards. Technology Business Systems develops and delivers systems and products to help everyone associated with Commonwealth maximize productivity. Business Systems Strategy, through evaluating new business tools and our competition, formulates strategies for Commonwealth and develops a long-range vision for the direction of our business/technology solutions. Development creates, builds, and maintains software applications to help everyone associated with Commonwealth work more efficiently. The HelpDesk provides home office employees with the technology support they need to do their jobs, as well as provides technical recommendations and support for all advisors and their staff regarding any technology they use. Technical Services designs, builds, and supports the entire technology infrastructure needed by everyone associated with Commonwealth. Transition Transition guides and mentors new advisors and their staff as they migrate their financial practices from their previous broker/dealers to Commonwealth. Team members also serve as liaisons with every department to answer questions, resolve problems, and do whatever it takes to facilitate the process. |
 
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