Commonwealth’s Strategic Goal of $1 Trillion in AUM Reinforces Commitment to Advisor Growth
Key initiatives announced at the 2022 National Conference tie firm’s success to its advisors.
Waltham, MA (November 17, 2022)—Commonwealth Financial Network®, a national firm dedicated to providing financial advisors with holistic, integrated business solutions, announced three new business growth initiatives at its premier annual National Conference. These exciting efforts will help advisors scale their businesses while remaining true to a legacy of high-quality, world-class service for the industry’s most accomplished advisor community. Commonwealth is committed to reaching $1 trillion in assets under management (AUM), reducing platform fee pricing, and expanding its outsourced business solutions offering. These initiatives will ensure the firm’s independence and continued support of its affiliated advisors and their clients.
With the firm’s guiding principle of providing advisors with an indispensable advantage, CEO Wayne Bloom outlined the firm’s ambitious goal to reach $1 trillion in AUM in front of nearly 2,000 conference attendees. “This objective will allow us to increase our reinvestment in the firm and continue to provide the right products and services that enable Advisors to succeed and grow, today and tomorrow,” said Bloom.
“Our path to a trillion is all about elevating our ability to help Advisors be the best they can be—for both their clients and their staff,” added Bloom. “Guided by our community and Advisor-centric values, we’ll continue to pursue a well-managed growth strategy—this is essential for the long-term innovation and financial strength that makes Commonwealth the best partner for client-focused Advisors.”
Commonwealth is committed to preserving its community, which is built on a culture of doing well by doing right. Reaching the $1 trillion goal will include helping current advisors grow the way they want to while adding new advisors to the community and giving purpose to the firm’s growth.
The firm also unveiled a significant fee reduction for Commonwealth’s custom and advisor-managed portfolio programs, which will provide advisors with competitive advantages and the enhanced ability to operate within the industry’s shift to fee-based investment services. “The bottom line is that our new platform fee pricing will be lower, simpler, and, above all, more competitive. It will cover all products, including stocks, ETFs, bonds, and mutual funds,” Bloom explained.
Additionally, Commonwealth will be expanding its outsourced business solutions to all affiliated advisors. These options will save them money and give them more time—an advisor’s most valuable asset—while gaining access to expertise and support. This comprehensive offering will include an array of à la carte outsourced services, including human resources, compliance, investment management, operations, technology, marketing, and financial planning. These solutions will help guide advisors in developing a plan that meets their needs, both now and in the future.
Bloom added, “We are evolving Commonwealth to maximize value for Advisors and contribute to their lasting success. These efforts reinforce our mission to deliver an indispensable advantage to our Advisors, so they can help their clients live their best lives.”
About Commonwealth Financial Network®
Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth Financial Network “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, Nine Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California. Learn more about how Commonwealth partners with more than 2,000 independent financial advisors overseeing more than $272.9 billion* in assets nationwide by visiting www.commonwealth.com.
Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012, 2013, 2014, and 2018‒2022 U.S. Financial Advisor Satisfaction Studies. Presented on July 6, 2022, for January to May 2022, it is based on responses from 3,039 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm’s future performance. Your experience may vary. Use of study results in promotional materials is subject to a license fee. Visit jdpower.com/awards for more details.
*As of 12/31/2021