WALTHAM, Mass.--(BUSINESS WIRE)--Commonwealth Financial Network® today announces it has reached the $1 billion mark in annual revenues in 2015, a significant milestone for the nation’s largest privately held independent broker/dealer–RIA.
“This is a remarkable achievement and one that we all take enormous pride in,” said Joe Deitch, founder and chairman of Commonwealth. “When we opened our doors in 1979, we resolved to stay true to our values of Quality and Community. Instead of driving toward the goal of simply becoming bigger, the past 37 years have been primarily about becoming better, which has made all the difference in allowing us to grow organically—rather than through acquisition—into something both better and bigger. We’ve achieved the goal we refer to internally as ‘the billion-dollar boutique.’”
Commonwealth further notes that 2015 was also the year its advisors collectively surpassed $100 billion in assets under management.
Deitch added, “As with every success we have celebrated as a firm, these milestones are testaments to the advisors and home office staff who form the core of this unique community. I believe our advisors’ talent, business acumen, and integrity are unparalleled in this industry. And we are equally proud to attract and retain extraordinary, and tenured, staff who commit themselves on a daily basis to literally being indispensable in helping our advisors to best serve their clients and reach milestones in their own practices.”
Although Commonwealth’s footprint has grown steadily over time—with a tripling of the number of its advisors exceeding $1 million in gross dealer concessions in the past five years alone—the company remains privately owned and operated by its 11 managing partners, an ownership structure unique in the broker/dealer industry
At $596,929 per year, Commonwealth advisors boast the highest gross revenue per advisor* among independent broker/dealers. Ten percent of the firm’s advisors gross over $1 million annually, and nearly forty percent gross over $500,000 annually. Deitch confirmed that the backbone of the firm’s future growth will continue to be a focus on helping advisors grow their own independent businesses.
*Average gross revenue per advisor among independent broker/dealers, as reported by Financial Advisor, April 2015.
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, is the nation’s largest privately held independent broker/dealer–RIA, with headquarters in Waltham, Massachusetts, and San Diego, California. Commonwealth has been recognized 32 times as one of the Best Places to Work by the Boston Globe, Boston Business Journal, San Diego Business Journal, U-T (Union-Tribune) San Diego, and Computerworld. The firm supports more than 1,700 independent advisors nationwide in serving their clients as registered representatives, investment adviser representatives, and registered investment advisers, as well as through hybrid service models. For more information, please visit www.commonwealth.com.
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