Commonwealth Announces Future Plans to Fuel Advisor Growth in Areas of High Net Worth and M&A

Enhancements planned in areas of Wealth Management and Business Solutions

Commonwealth Financial Network®, a national firm dedicated to providing financial advisors with holistic, integrated business solutions, announced at its National Conference that the firm will release several product and service enhancements from now through 2024 in areas that include high net worth, mergers and acquisitions, and equity funding to support the growth and evolution of its affiliated advisors.

Commonwealth leadership outlined plans during the general session of its conference held from October 11 to 14 in Aurora, Colorado. The enhancements will build out already comprehensive product portfolios in Wealth Management and Business Solutions.

“We are committed to being an indispensable partner for every advisor who chooses Commonwealth no matter where they are in their journey. We listen carefully, react thoughtfully, and plan intentionally to deliver the right products with the right services at the right time,” said Wayne Bloom, Commonwealth’s CEO.

Supporting advisors through the lifecycle of their business needs is at the core of expanding the firm’s Business Solutions offerings. Advisors in the grow stage need next-gen talent and practices to acquire while those in the succession planning stage seek someone to accept a warm client handoff. Next-gen advisors are looking for firms where they can develop their careers. The two new products Business Solutions will launch are:

• Marketplace, a program that addresses the challenge all advisors face—finding best-fit talent. The program aggregates advisors’ profiles and interests into a data-driven platform using an algorithm to arrange matches. Business Solutions then offers a curated experience—making introductions, providing deal support, and financing as needed. The capability will connect Commonwealth advisors as well as those not yet affiliated with the firm as part of a new recruiting model.

• Entrepreneurial Capital—launched last year—is adding options to include additional forms of funding through a minority investment in advisor businesses. Commonwealth will provide capital in exchange for a percentage of firm earnings on an active or passive basis.

“By harnessing the strength of our community and access to flexible financing, we are empowering advisors to build the businesses they envision. These tools give our advisors the power of choice without sacrificing their commitment to client service and success,” said Matt Chisholm, senior vice president, business solutions, RIA services and practice management.

Client demand for specialized solutions that serve unique needs are driving the next phase of Wealth Management. In this competitive environment, advisors must be creative and innovative to attract, retain, and grow client assets. Two new services Wealth Management will deliver are geared toward meeting those evolving needs:

• Private Client’s suite of new enhancements intends to help advisors address the complexity of high-net-worth investors. Resources will include lending solutions, legacy planning, tax management strategies, and concierge services such as bookkeeping, performance aggregation, cybersecurity, and health care.

• Strategic Retirement Solutions will provide additional support in 2024 so advisors can capitalize on continued growth in the defined contribution space. A bundled 401(k) solution intended to serve small and mid-sized businesses will be powered by our PlanAssist team, which takes on fiduciary services, including selecting and monitoring the plan lineup and quarterly reporting.

“We want to position our advisors to succeed, and we know they rely on our talent, resources, and services to achieve the efficiency and growth acceleration that defines their success,” said Karen McColl, senior vice president, wealth management. “We must constantly advance our wealth management services so we can give our advisors not only what they want, but what they need so they can deliver for their clients.”

About Commonwealth Financial Network®

Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 10 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California. Learn more about how Commonwealth partners with more than 2,100 independent financial advisors overseeing more than $242.9 billion* in assets nationwide by visiting www.commonwealth.com.

Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012, 2013, 2014, and 2018‒2023 U.S. Financial Advisor Satisfaction Studies. Presented on July 5, 2023, for December 2022 to April 2023, it is based on responses from 4,183 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm’s future performance. Your experience may vary. Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit jdpower.com/awards for more details.

* As of 12/31/2022

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