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: 1,422

For More Information

CEOWayne Bloom
Recruiting ContactBecca Hajjar
(866) 462-3638
E-mail
Compliance ContactPaul Tolley
(866) 462-3638
E-mail
Marketing ContactBrian Sullivan
(866) 462-3638
E-mail
Technology Operations ContactKol Birke
(866) 462-3638
E-mail

Company Overview

Commonwealth has the highest gross revenue per advisor among RIA-independent b/ds, as reported by Financial Advisor in April 2018. Discover how the nation's largest privately held Registered Investment Adviser–independent broker/dealer that's held true to its founding mission for almost 40 years can help you and your clients thrive.

In their own words: Commonwealth advisors speak

We invite you to take two minutes to hear a few of our advisors talk about their experience at Commonwealth. Then contact us to discover for yourself a community of peers that's unlike any you've experienced and the virtually unlimited opportunities available to help you serve your clients your way.

Additional Resources

2020 2019 2018
No. of reps2,4762,4222,258
No. of reps, male1,9981,9631,781
No. of reps, female478459477
No. of producing reps2,0122,0071,885
No. of producing reps, male1,6981,6271,546
No. of producing reps, female314380339
No. of reps producing $100K-$499K /year897948914
No. of reps producing $500K+ /year977905850
No. of CFPs1,0461,000961
No. of full-time employees863777913
No. of fee-based advisers served2,4672,3502,247
Average payout per rep, per year$629,000$589,471$556,973
Avg. annual production of top 20% reps$1,600,000$1,483,334$1,428,928
Total payout, per year$1,264,825,512$1,147,109,613$1,049,893,960
Cost of E&O insurance per rep, per year$2450$2,450$2450
Affiliation fees charged per rep, per yearNoneNoneNone
Affiliation fee coverageN/ANo affiliation fees
$0-$249,999 $250K-$499,999 $500K-$749,999 $750K-$999,999 $1,000,000+
Mutual funds 50%-87% 87% 88% 89% 90%-95%
Insurance 100% 100% 100% 100% 100%
Variable annuities 50%-87% 87% 88% 89% 90%-95%
Limited parterships 50%-87% 87% 88% 89% 90%-95%
Securities 50%-87% 87% 88% 89% 90%-95%
Required minimum production$200,000
2020 2019 2018
Total revenues$1,635,006,455$1,552,748,751$1,425,306,063
Commission revenues$247,092,746$252,020,458$234,491,205
Securities revenues$16,518,394$12,278,040$13,694,251
Securities revenues: Stocks$8,873,742$6,042,374$7,095,108
Securities revenues: Bonds$2,195,065$2,760,545$2,975,672
Securities revenues: ETFs$4,620,546$2,849,587$3,024,567
Securities revenues: Other$829,041$625,534$598,904
Mutual fund revenues$79,199,127$85,858,049$71,787,270
Annuities revenues$120,803,811$121,298,148$118,864,852
Annuities revenues: Fixed$4,505,084$5,974,799$5,268,937
Annuities revenues: Variable$116,298,727$115,323,349$113,595,915
Annuities revenues: Other
Insurance revenue$20,475,413$20,598,233$19,977,318
Insurance revenues: Life$14,863,367$15,201,836$16,014,632
Insurance revenues: Disabilities$621,490$634,848$589,087
Insurance revenues: LTC$4,990,556$4,761,549$3,371,633
Insurance revenues: Other
Alternative revenues$10,096,001$11,987,988$10,169,480
Alternative revenues: Hedge funds
Alternative revenues: Managed futures
Alternative revenues: Private placements
Alternative revenues: REITs$5,107,497$5,584,715$4,926,596
Alternative revenues: Other$4,988,504$6,403,273$5,242,884
Other commission revenues
Fee revenues$1,187,606,820$1,052,748,961$976,195,820
Fee revenues: Rep-managed accounts$1,035,482,348$917,090,658$849,182,129
Fee revenues: Firm-managed accounts$103,733,311$95,342,297$88,421,037
Fee revenues: Outside-managed accounts$48,391,161$40,316,006$38,592,654
Fee revenues: Other
Total revenues: Other$200,306,889$247,979,332$214,619,038
2020 2019 2018
Total account assets$232,460,000,000$200,660,000,000$161,100,000,000
Fee-based assets$136,500,000,000$114,240,000,000$85,220,000,000
Fee-based assets: Clearing firm$136,500,000,000$114,240,000,000$85,220,000,000
Fee-based assets: Advisory firm platforms
Fee-based assets: Third-party money managers
Fee-based assets: Other
Total account assets: Other$95,960,000,000$86,420,000,000$75,880,000,000
Average assets per rep$93,885,299$82,848,885$71,346,324
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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