Commonwealth Targets $1 Trillion in AUM

CEO Wayne Bloom stressed the independent broker-dealer's commitment to its advisors and following a well-managed growth strategy.

By Rethinking65

Commonwealth Financial Network has set goals of reaching $1 trillion in assets under management (AUM), reducing platform fee pricing, and expanding its outsourced business services for advisors.

CEO Wayne Bloom outlined the firm’s ambitious goal to reach $1 trillion in AUM in front of nearly 2,000 attendees at the firm’s 2022 National Conference. The firm currently has about $273 billion in AUM and more than 2,000 independent financial advisors.

As part of the effort, Commonwealth says it will add new advisors, as well as help existing advisors grow their businesses.

The firm also unveiled a significant fee reduction for Commonwealth’s custom and advisor-managed portfolio programs. The move will provide advisors with competitive advantages and a better ability to operate in an industry that continues to shift to fee-based investment services, the firm said.

“The bottom line is that our new platform fee pricing will be lower, simpler, and, above all, more competitive. It will cover all products, including stocks, ETFs, bonds, and mutual funds,” Bloom said.

Commonwealth will also be expanding its outsourced business solutions to all affiliated advisors. It will include an array of à la carte outsourced services, including human resources, compliance, investment management, operations, technology, marketing, and financial planning.

“We are evolving Commonwealth to maximize value for Advisors and contribute to their lasting success. These efforts reinforce our mission to deliver an indispensable advantage to our Advisors, so they can help their clients live their best lives,” Bloom said.

Privately held since 1979, the firm has headquarters in Waltham, Mass., and San Diego, Calif.

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