Commonwealth Equity Services, LLC dba-Commonwealth Financial Network

Commonwealth Equity Services, LLC dba-Commonwealth Financial Network

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29 Sawyer Road

Waltham, MA 02453

(866) 462-3638

commonwealth.com

Clearing firm: National Financial Services LLC, Pershing LLC

No. advisers: 2,397

AUM: $200,660,000,000

Year founded: 1979

Year end: Dec. 31

No. of retail offices: 1,385

For More Information

CEOWayne Bloom
Recruiting ContactAndrew Daniels
(866) 462-3638
E-mail
Compliance ContactPaul Tolley
(781) 736-0700
E-mail
Marketing ContactBrian Sullivan
(781) 736-0700
E-mail
Technology Operations ContactKol Birke
(781) 736-0700
E-mail

Recruitment & Staffing

2019 2018 2017
No. of reps2,3972,2582,195
No. of reps, male1,8841,7811,804
No. of reps, female513477391
No. of producing reps2,0071,8851,778
No. of producing reps, male1,6461,5461,461
No. of producing reps, female361339317
No. of reps producing $100K-$499K /year948914939
No. of reps producing $500K+ /year905850708
No. of CFPs1,000961795
No. of full-time employees777913854
No. of fee-based advisers served2,3502,2472,185
Average payout per rep, per year$589,471$556,973$512,017
Avg. annual production of top 20% reps$1,483,334$1,428,928$1,268,515
Total payout, per year$1,147,109,613$1,049,893,960$910,366,831
Cost of E&O insurance per rep, per year$2,450$2450$2450
Affiliation fees charged per rep, per yearNoneNoneNone
Affiliation fee coverageN/ANo affiliation feesNo Affiliation fees.
$0-$249,999 $250K-$499,999 $500K-$749,999 $750K-$999,999 $1,000,000+
Mutual funds 50%-87% 86%-90% 86%-90% 86%-90% 90%-95%
Insurance 96%-100% 96%-100% 96%-100% 96%-100% 96%-100%
Variable annuities 50%-87% 86%-90% 86%-90% 86%-90% 90%-95%
Limited parterships 50%-87% 86%-90% 86%-90% 86%-90% 90%-95%
Securities 50%-87% 86%-90% 86%-90% 86%-90% 90%-95%
Required minimum production$200,000
2019 2018 2017
Total revenues$1,552,748,751$1,425,306,063$1,241,571,969
Commission revenues$252,020,458$234,491,205$242,605,316
Securities revenues$12,278,040$13,694,251$14,028,165
Securities revenues: Stocks$6,042,374$7,095,108$6,794,371
Securities revenues: Bonds$2,760,545$2,975,672$3,855,563
Securities revenues: ETFs$2,849,587$3,024,567$2,885,504
Securities revenues: Other$625,534$598,904$492,727
Mutual fund revenues$85,858,049$71,787,270$83,055,611
Annuities revenues$121,298,148$118,864,852$114,468,719
Annuities revenues: Fixed$5,974,799$5,268,937$4,086,836
Annuities revenues: Variable$115,323,349$113,595,915$110,381,883
Annuities revenues: Other
Insurance revenue$20,598,233$19,977,318$18,893,490
Insurance revenues: Life$15,201,836$16,014,632$15,417,774
Insurance revenues: Disabilities$634,848$589,087$619,959
Insurance revenues: LTC$4,761,549$3,371,633$2,855,757
Insurance revenues: Other
Alternative revenues$11,987,988$10,169,480$12,159,331
Alternative revenues: Hedge funds$846,290
Alternative revenues: Managed futures$669,690
Alternative revenues: Private placements$77,346
Alternative revenues: REITs$5,584,715$4,926,596$6,180,477
Alternative revenues: Other$6,403,273$5,242,884$4,385,528
Other commission revenues
Fee revenues$1,052,748,961$976,195,820$798,295,019
Fee revenues: Rep-managed accounts$917,090,658$849,182,129$693,943,902
Fee revenues: Firm-managed accounts$95,342,297$88,421,037$69,156,800
Fee revenues: Outside-managed accounts$40,316,006$38,592,654$35,194,317
Fee revenues: Other0
Total revenues: Other$247,979,332$214,619,038$200,671,634
2019 2018 2017
Total account assets$200,660,000,000$161,100,000,000$156,000,000,000
Fee-based assets$114,240,000,000$85,220,000,000$80,562,000,000
Fee-based assets: Clearing firm$114,240,000,000$85,220,000,000$80,562,000,000
Fee-based assets: Advisory firm platforms
Fee-based assets: Third-party money managers
Fee-based assets: Other
Total account assets: Other$86,420,000,000$75,880,000,000$75,438,000,000
Average assets per rep$83,712,975$71,346,324$71,070,615
Social Media & Mobile
Allows advisers to use social mediaY
Social media sites allowedFacebook
LinkedIn
Twitter
Dedicated mobile application for advisers?Y
Primary purpose of mobile applicationMobile Check Deposit Trading Portfolio/Performance Workflow/Alerts Business Analytics Compensation
Software Offered
Account aggregation software Quovo
Built in house/Proprietary
Compliance software Built in house/Proprietary
CRM Built in house/Proprietary
Document management Built in house/Proprietary
Financial planning eMoney360 (eMoney Advisor)
MoneyGuidePro (PIEtech Inc.)
Morningstar Advisor Workstation (Morningstar Inc.)
NaviPro Planning Suite (Advicent, formerly Zywave)
Silver Financial Planner/Silver Online (Money Tree Software Inc.)
Built in-house/Proprietary
RightCapital
Portfolio management Built in house/Proprietary
Portfolio rebalancing Built in house/Proprietary
Robo-advice
Offers robo-advisory platform?N
If not, when plans to offer a robo-platform6-12 months
Robo-advice services offered
How robo-platform developedIn-house
Charge for robo-advisory services?N
    Notes
  • N/A = Not available
  • N/D = Not disclosed
  • — = Information not available or not disclosed

All 2011-2016 recruitment and staffing data is as of Dec. 31 in the calendar year displayed. Prior year recruitment and staffing data is as of Sept. 30. All financial figures are for firms' year end, unless noted.

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