Commonwealth Financial Network
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1979 |
| Founder | Joseph S. Deitch |
| Headquarters | Waltham , United States |
Area served | United States |
Key people | Joseph S. Deitch (Chairman), Trap Kloman (President and COO) |
| Products | Investment advisory, broker/dealer services, business consulting |
Commonwealth Financial Network operates as a privately owned Registered Investment Adviser and independent broker/dealer headquartered in Waltham, Massachusetts. It also maintains offices in San Diego, California and plans to open a new location in Cincinnati, Ohio in 2024. Established in 1979 by Joseph S. Deitch under the name Commonwealth Equity Services, the company adopted its current title in 1999. Deitch continues to serve as Chairman, with ownership distributed among 13 managing principals.
The organization provides support to nearly 1,950 independent financial advisers and financial planners by delivering back-office operations, investment transaction handling, and strategic business consulting. Advisors joining Commonwealth are required to produce a minimum of $200,000 in annual gross dealer concessions (GDC). In 2017, the firm achieved the highest gross revenue per advisor within the independent broker/dealer sector.
History
| Year | Event |
|---|---|
| 1979 | Founded as Commonwealth Equity Services. |
| 1985–1987 | Recognized by Inc. magazine as one of the 500 fastest-growing private companies for three straight years. |
| 1991–2005 | Honored ten times as Broker/Dealer of the Year by Investment Advisor magazine. |
| 1992 | Expanded nationally through acquisition of Kavanaugh Securities (Dallas). |
| 1999 | Changed name to Commonwealth Financial Network. |
| 2000 | Established office in San Diego. |
| 2009 | Wayne Bloom appointed CEO; Deitch retained role of Chairman. |
| 2013 | Rich Hunter promoted to President and COO; Peter Wheeler became Vice Chairman. |
| 2016 | Achieved top ranking for advisor satisfaction in Wealth Management magazine's Independent Broker/Dealer Report Card. |
| 2017 | Awarded Invest in Others Corporate Philanthropy Award for Chemo Caps for Kids program. |
| 2018 | Ownership expanded to include 13 managing partners such as Kol Chu Birke, Trap Kloman, and Brad McMillan. |
| 2018 | Trap Kloman named President and COO; Rich Hunter continued as managing partner. |
| 2018 | Earned J.D. Power’s highest Independent Advisor Satisfaction rating for the fifth year running. |
| 2018 | Received recognition 41 times as one of the Best Places to Work by five leading publications. |