Waltham, MA. (July 30, 2009) —Commonwealth Financial Network^® added three leading independent financial services firms, bringing more than $1.25 billion in assets under management (AUM), to its network of independent financial advisors. Armstrong, Fleming, & Moore, Inc. and BDS Financial Services Corp., formerly affiliated with Financial Services Corp. (FSC), and Muskat Financial, formerly affiliated with Financial Network Investment Corp. (FNIC), joined Commonwealth in July 2009.

Year-to-date (July), Commonwealth’s new advisor revenue has surpassed revenue from the same period last year by 180 percent.

Armstrong, Fleming, & Moore, a group of financial advisors located in Washington, D.C., generated revenues of $3.4 million in 2008, overseeing $800 million in AUM. The group ranked number two in mutual fund sales and in the top ten among all FSC offices.

“When FSC was up for sale, we decided we should look at our alternatives rather than having our future determined for us,” said Alexandra Armstrong, chairman of Armstrong, Fleming, & Moore; the first CERTIFIED FINANCIAL PLANNERTM in Washington, D.C.; and the first female president of the International Association for Financial Planning, the predecessor to the Financial Planning Association.

“Several advisors whom we know and respect, and a handful of wholesalers, recommended we look at Commonwealth. When we visited the home office, we liked everyone we met at every level of the firm. We were particularly impressed with the technology and its ability to aid us in running a successful practice, as well as servicing our clients,” continued Armstrong.

Another leading FSC office, BDS Financial Services Corp., also joined Commonwealth in July. Led by advisor Ashok Shendure, the firm generated revenues of $1 million in 2008, overseeing $250 million in AUM.

Muskat Financial, led by solo practitioner Al Muskat in Simi Valley, California, generated revenues of $2.1 million in 2008, overseeing more than $200 million in AUM. Mr. Muskat was consistently ranked by FNIC as one of the top twenty advisors over his 24 years at the firm, and was one of only a few advisors to produce more than $20 million in gross dealer concessions for the firm.

“When reputation, size, technology, and compensation were weighed, there really just wasn’t any comparison,” Mr. Muskat said about his choice of broker/dealer. “I was impressed by Commonwealth’s focus on high-quality service to its advisors and clients.”

Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, and a registered investment adviser, 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
Manager, Media Relations
Commonwealth Financial Network
www.commonwealth.com
781.736.7980, x9639
eguadagnoli@commonwealth.com