Commonwealth Financial Network
 | |
| Private | |
| Industry | Financial services |
| Founded | 1979 |
| Headquarters | 29 Sawyer Road, Waltham, Massachusetts, United States |
Key people |
Joseph Deitch (Chairman) Wayne Bloom (CEO) |
| Revenue |
 US$ 1 billion (2015) |
| AUM | Approximately $100 billion |
Number of employees | Approximately 775 |
| Website |
www |
Commonwealth Financial Network is a privately held independent broker/dealer-RIA based in Waltham, Massachusetts, and 110 Plaza in San Diego, California. The company was founded in 1979 by Joseph S. Deitch and was incorporated under the name Commonwealth Equity Services. In 1999, the name Commonwealth Financial Network was adopted. Deitch remains Chairman of the firm. The firm is owned and controlled by its 11 managing principals.
Commonwealth has approximately 1,600 independent financial advisors and financial planners for whom it serves as a "back office," processing investment transactions on behalf of their clients, and to whom the firm provides resources and consulting services to support the advisors’ businesses.
Advisors who affiliate with the firm must earn a minimum of $200,000 in annual gross broker/dealer concessions (GDC). Gross revenue per advisor is the highest among independent broker/dealers, as reported by Financial Advisor in April 2015.[1]
| Year | Event |
|---|---|
| 1979 | Firm incorporated as Commonwealth Equity Services. |
| 1985–1987 | Commonwealth was named one of Inc. magazine’s 500 fastest-growing private companies in the U.S. for three consecutive years. |
| 1991–2005 | Investment Advisor magazine named Commonwealth Broker/Dealer of the Year a total of ten times.[2] |
| 1992 | Commonwealth acquired Kavanaugh Securities of Dallas, Texas, to expand its national presence. |
| 1999 | Changed name to Commonwealth Financial Network. |
| 2000 | Commonwealth opened its San Diego office. |
References
- ↑ Financial Advisor Magazine 2015 Broker-Dealer Review & Ranking: http://www.fa-mag.com/userfiles/2015_FA_Issues/April_2015/BrokerDealer_Survey/BD2015Ranking_print1.pdf
- ↑ Investment Advisor Magazine http://www.investmentadvisor.com/Issues/2009/September%202009/Pages/BD-of-the-Year-Through-the-Years.aspx