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Commonwealth Financial Network is a privately held Registered Investment Adviser–independent broker/dealer in
Waltham, Massachusetts Waltham ( ) is a city in Middlesex County, Massachusetts, United States, and was an early center for the labor movement as well as a major contributor to the Technological and industrial history of the United States, American Industrial Revoluti ...
, and 110 Plaza in
San Diego, California San Diego ( , ) is a city on the Pacific coast of Southern California, adjacent to the Mexico–United States border. With a population of over 1.4 million, it is the List of United States cities by population, eighth-most populous city in t ...
, and a new office to be opened in 2024 in
Cincinnati, Ohio Cincinnati ( ; colloquially nicknamed Cincy) is a city in Hamilton County, Ohio, United States, and its county seat. Settled in 1788, the city is located on the northern side of the confluence of the Licking River (Kentucky), Licking and Ohio Ri ...
. 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. As of 2017, Deitch remains Chairman of the firm. The firm is owned and controlled by its 13 managing principals. Commonwealth has approximately 1,950
independent financial adviser An independent financial advisers (IFA) is a professional who offers independent advice on financial matters to their clients and recommends suitable financial products from the ''whole of the market''. The term was developed to reflect a United ...
s 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 in 2017 was the highest among independent broker/dealers, as reported by ''Financial Advisor'' in April 2017.


History


References

{{reflist Financial services companies of the United States Financial services companies established in 1979 Privately held companies based in Massachusetts Companies based in Waltham, Massachusetts Brokerage firms