Company info:Top Executive: Wayne Bloom
29 Sawyer Road
Waltham, MA 02453
- 580 FTEs
- Founded in 1979
Q&A:What is the service or product you offer to RIAs?
Commonwealth is the smart alternative for advisors who want to grow their business and increase their net profit. Because a move to the RIA-only model can often come with unanticipated bottom-line expenses, many advisors are finding that a top-line payout increase doesn’t necessarily result in net gain. Commonwealth combines the best of all possible worlds. We offer a competitive payout with the freedom to operate your advisory business in whatever way makes sense for you, plus the efficiencies and economies of scale of our technology, compliance, and practice management infrastructure to allow you to run your advisory business profitably.How do you differentiate your offering from competitors?
For the majority of advisors, Commonwealth can deliver more of what they really want—bottom-line profitability—than they could achieve through another broker/dealer or as their own RIA. The RIA-only model can be a viable solution for advisors who have high-producing, established practices, as well as the scale and infrastructure necessary to be profitable. Many others are finding the RIA-only payout promise to be more than offset by the unforeseen expenses they incur in hiring compliance resources and maintaining technology systems. Those who recognize the limitations of a top-line-only focus are finding true bottom-line value in Commonwealth’s model, coupled with the freedom to focus solely on what they do best—managing client relationships.What else would you like to say about your business?
Commonwealth was ranked “Highest in Independent Advisor Satisfaction among Financial Investment Firms” two times in a row in the J.D. Power and Associates 2010 and 2012 Financial Advisor Satisfaction StudiesSM. For J.D. Power and Associates award information, visit jdpower.com.
Because Commonwealth has remained privately owned and managed for three decades, we’ve retained the autonomy to do whatever it takes to help advisors serve their clients and move their businesses forward. Our only business interest is yours.
Why it took 13 years and one bad Beverly Hills moment for a $92-million AUA advisor to leave LPL for CommonwealthAs smaller IBDs struggle for ground against the giants, they need to first demonstrate their tenacity on the sales gridiron
|One trick, Wayne Bloom says, is that he relentlessly squeezes feedback out of his 1,600 advisors|
|Patrick Sheppard is ready for the hands-on life and New England Investment and Retirement is looking for a steady executive hand|
Victor Fetter turns his guns on LPL's thorniest software challenge -- 21st century performance reportingThe former Dell guru eschews a best-of-breed strategy as his firm plays a game of catch-up under a big tent
Commonwealth and Securities America get into the RIA custody business and Wells Fargo is right behind themIBD execs are pulling out the stops to court a finite pool of advisors in motion
How one IBD rep just zoomed to $1 billion AUM -- on his way to $2 billion -- but remains impervious to calls from RIA custodiansTom Bartholomew says that his pull with Commonwealth gives him more time with clients and extra-responsive service
J.D. Power and Associates hints strongly at wirehouse deficiencies as it puts Commonwealth Financial and Raymond James on a pedestalThe two firms ranked one and two for independent advisor satisfaction among financial investment firms; Schwab is third in the employee-advisor category
|Summit Financial wanted greater pension expertise|
|The embattled Omaha IBD did not go down without a fight and it may be effectively slowing further losses with retention bonuses|
|Commonwealth replaces Fidelity technology; Cetera snags Gene Goldman; an LPL vet, and upstart ETF Store takes another page out of Adam Bold's book|
|Scandal soured the advisors on the Securities America and set them on a search for a firm with a compatible culture|
AIG's Advisor Group introduces a 100%-payout for big RIAs as part of a massive revamp of its fee-based platformThe company is seeking to address the issue of having 65% of its advisors still managing assets themselves rather than using managers
|The big IBD wasn't impressed with the value presented by third-party performance reporting companies|
|Baby Boomers' expectations and rising technology could put a new squeeze on the old model|
TD Ameritrade makes a clean sweep of five IBD reps in New England with about $1 billion of combined AUMThe five big Commonwealth advisors had some knowledge of each other but made their own decisions
|Breakaways say they appreciate the economic boost and that it makes them feel welcome|
|The former Commonwealth advisor also had goals related to succession, compliance and a bigger bottom line|
|Barnaby Grist has been laying the groundwork for the incentives change for a year|
|The IBD is competing with LPL, holding ground against RIAs and flexing its muscles, analysts say|
|Some IBDs are morphing into Super RIAs that make money by charging for oversight of fee-based assets|
|Jim Warren made personal pleas to Art Tambaro but a small IBD nabbed his RIA|
|Leading a double life is not for the faint of heart|
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