- Commonwealth Financial Network
Commonwealth Financial Network Type Private Industry Financial Services Founded 1979 Headquarters 29 Sawyer Road Waltham, MA 02453 Key people Joe Deitch, Chairman
Wayne Bloom, CEO
Revenue $572 million USD (2010) AUM Approximately $60 billion Employees Approximately 450 Website www.commonwealth.com
Commonwealth Financial Network is a privately held independent broker/dealer based in Waltham, Massachusetts, and San Diego, California. 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. Deitch remains Chairman of the firm. The firm is owned and controlled by its 12 managing principals.
Commonwealth has approximately 1,500 independent financial advisors 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). The percentage of the firm’s advisors earning more than $250,000 in annual GDC, and the average payout received per advisor, are among the highest of the top 10 independent broker/dealers.
Year Event 1979 Firm incorporated as Commonwealth Equity Services. 1985–1987 Commonwealth was named one of Inc. magazine’s 500 fastest-growing private companies in the U.S. for three consecutive years. 1991–2005 Investment Advisor magazine named Commonwealth Broker/Dealer of the Year a total of ten times. 1992 Commonwealth acquired Kavanaugh Securities of Dallas, Texas, to expand its national presence. 1999 Named changed to Commonwealth Financial Network. 2000 Commonwealth opened its San Diego office. 2004–2009 Commonwealth was named a Best Place to Work in Massachusetts by the Boston Business Journal for six consecutive years. 2007–2011 Computerworld magazine named Commonwealth one of the Best Places to Work for technology professionals for five consecutive years.  2008-2011 Recognized as a Top Workplace in the midsize category for four consecutive years in the Boston Globe’s list of the 100 Top Places to Work. In 2010, Commonwealth was ranked #1 in in the categories of diversity and opportunities for women.  2009-2011 The San Diego Business Journal named Commonwealth a Top Midsize Place to Work in San Diego. 2010 Commonwealth ranked “Highest in Independent Advisor Satisfaction among Financial Investment Firms” in J.D. Power and Associates’ 2010 Financial Advisor Satisfaction Study. 
- ^ Financial Planning’s 24th Annual Independent Broker/Dealer 2009 Survey and Research Guide http://www.financial-planning.com/media/pdfs/FP_top_ten.pdf
- ^ Inc. Magazine http://www.inc.com/inc5000/2007/company-profile.html?id=1985078; http://www.inc.com/inc5000/2007/company-profile.html?id=1986205; http://www.inc.com/inc5000/2007/company-profile.html?id=1987467
- ^ Investment Advisor Magazine http://www.investmentadvisor.com/Issues/2009/September%202009/Pages/BD-of-the-Year-Through-the-Years.aspx
- ^ Boston Business Journal 5/28/04; 6/24/05; 6/23/06; 6/22/07; 6/13/08; 6/19/09
- ^ Computerworld http://www.computerworld.com/s/article/9216935/Best_Places_to_Work_in_IT_2011
- ^ The Boston Globe http://www.boston.com/business/special/topplaces/2011/profiles/commonwealth_financial_network.html
- ^ San Diego Business Journal http://www.cbjonline.com/a3sdbj/supplements/BestPlaces_2011.pdf
- ^ Commonwealth Financial Network received the highest numerical score in the independent advisor segment in the proprietary J.D. Power and Associates 2010 Financial Advisor Satisfaction StudySM. Study based on 2,863 total responses and measures overall financial advisor satisfaction among advisors registered with the Financial Industry Regulatory Authority (FINRA) investment firms. Proprietary study results are based on experiences and perceptions of financial advisors surveyed in February–June and July–August, 2010. Your experiences may vary. Visit jdpower.com
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