Clients, colleagues, community
How did Matt know it was time to break from his wirehouse, a household brand where he'd built a robust practice? "For a long time when I was in the wirehouse world, I felt that there was a discrepancy between the kind of culture I wanted to be a part of and the kind of culture that existed in the wealth management and investment advisory world. For the most part, Wall Street is the big bank culture. That doesn't suit me very well, and, honestly, I never really thought it suited my clients," says Matt. Here's how Matt found the culture he wanted—at Commonwealth.Q
How does Commonwealth make your work as an independent financial advisor easier?
The support network within Commonwealth is unlike anything I could have ever possibly imagined. The wirehouse world has a structure, and you need to fit yourself in that box. Commonwealth has the culture and the resources to make my firm and the client experience exactly how I want. This is an enormous difference between having to fit in the box that's suitable for a company that employs 100,000 people and the independent world where they—Commonwealth specifically—are nimble enough to help mold your vision into a workable practice.Q
How does Commonwealth's technology platform measure up?
Commonwealth has every piece of technology I could ever ask for. The technology is robust, it's customizable, and it's available à la carte, any way you want to do it. While I may use certain elements, another practice that has a different specialty might use others. I have all the tools I need at my disposal to run my practice effectively. That's big. At the wirehouse, the software was just out of the box and you use it. What Commonwealth has is far and away more user friendly and helpful to my practice than anything I've had previously.Q
How is Commonwealth's approach to compliance different than at the wirehouse?
At the wirehouse, advisors get told "no" a lot because the firm's intention is to avoid litigation and protect its reputation. Commonwealth's goal is to help advisors build and manage their practice how they want and to make sure they're doing it in a compliant manner. The message from Commonwealth is 'Let's figure out a way to make it work.' When I get a call from Commonwealth's Compliance team, I know it means they've noticed an issue and will help me fix it because they recognize and understand what I'm trying to do.Q
What was your transition from the wirehouse to Commonwealth like?
In an experience that can be overwhelming, Commonwealth helped me at every step of the way—from pre-transition, through transition, to post-transition, and even until today. I've always felt that if I reach out, somebody is going to help. Sometimes it's the Service Center, sometimes a senior person in a particular department will contact me, and twice the CEO has replied to my email. In what world does the CEO do that? That's the culture and the community here. From start to finish, anytime I've felt like I needed a hand to hold, somebody's hand is waiting for mine.