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Interviews — Jeff Moscaret Back to Interviews
What made you decide to go independent? I was frustrated with the restrictions I had in being associated with a proprietary broker/dealer and in being severely limited to certain products and services I could offer to clients. I did the best job possible for them for 13 years, shopping for them in a convenience store; but I wanted to be able to shop for them in a major supermarket. I was frustrated with the corporate influence on what was best for clients based on what the company thought was most profitable, versus what I thought was appropriate for my clients. I wanted to transition to a fee-based practice. The program that I was offered at the time was very limited with regard to investment selection and flexibility. So, why’d you join Commonwealth? I wanted to find a broker/dealer that was quaint, professional, friendly, and committed to their advisors with their service and that had a strong vision of what was important to them and how they wanted to grow. When I first visited Commonwealth, I saw all of these qualities, especially in the areas of technology. I loved what the Fee-Based department was doing and what the power of the Advent Browser reporting system offered me and my clients. They were the only broker/dealer that was willing to come up with solutions to problems that I had in joining them, unlike the other broker/dealers I was considering, LPL and Raymond James. All three showed me their best reasons why I should join them. But Commonwealth was also willing to share with me where they needed to improve and how they were committed to getting there. The other two broker/dealers were not. Most important, Commonwealth came across as “real” people who did not need to be the biggest on the block, just the best on the block. As important as it was for them to be an exceptional broker/dealer, for me they needed to be a group that I could eventually consider friends and colleagues. Why do you stay? All of the above. Plus, the staff at Commonwealth is always looking out for what I need in working with our clients. They are always moving to the cutting edge in the areas of technology, practice management, investment alternatives, and investment research. They continue to create and promote a very friendly and helpful environment. The people at Commonwealth are a major reason why I haven’t even entertained looking at another broker/dealer since 1999. What do you like best about Commonwealth? They care about me not only as an advisor, but also as a person. Kathy and her staff host conferences that are second-to-none. Everyone has embraced me and, more importantly, my wife with open arms. She loves the conferences not only because of what they offer to spouses, but also because she loves to see all of the advisors and their spouses, whom we have become friends with, and also the entire staff that attend the events. Practice Management is a huge asset. Even though this department cannot provide quantifiable dollar results to the company, Joni and her staff provide resources, knowledge, and invaluable insight, which can be quantified by the increase in business I am doing. The ability to have knowledgeable staff that can provide us with resources and solutions to our problems is indispensable. Any words of wisdom for people going independent and/or considering Commonwealth? Many times, individuals who are looking to change broker/dealers focus only on payout. I believe it’s more important to find a broker/dealer with a commitment to their reps, to technology, to both parties having the same philosophical and business vision, and to knowing that a broker/dealer is there to help you—not to influence you in how you should run your business but, rather, to provide alternatives to improve your business and your relationship with your clients. |
 
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