Commonwealth Financial Saw Record Recruiting in 2022

It brought on 270 advisors from around the country with $11.24 billion in total client assets.

By Rethinking65

Commonwealth Financial Network is the latest independent broker-dealer to announce record-breaking recruiting results for 2022.

The Waltham, Mass.-based Commonwealth, which is also a registered investment advisor, brought on 270 advisors from around the country with $11.24 billion in total client assets. The average assets under advisement for newly recruited advisors was $90 million.

“Despite the difficult headwinds our advisors, their clients, and the industry faced last year, our team was extremely successful in bringing top-caliber financial advisors to our firm,” said Wayne Bloom, Commonwealth’s CEO, in a statement. “Our ambitious goal of reaching $1 trillion in assets under management is rooted in a well-managed growth strategy built around our advisor-centric values.”

Becca Hajjar, managing principal and chief business development officer at Commonwealth. noted the company recruited more ensembles and larger enterprise firms last year than in the past.

More than 2,100 independent advisors with over $242.9 billion in assets as of December 31 are affiliated with Commonwealth, which also has a headquarters in San Diego.

Latest news

Losing a Spouse Hits Most Women Hard Financially: Thrivent

Many widowed women had no financial conversations or plans in place before their spouse died, Thrivent's new survey finds.

Schwab Survey Finds Increased Opportunities for Advisors

Americans are most likely to seek financial guidance from an advisor, and three-quarters avoid social media influencers, the survey reveals.

The Sky’s the Limit for CEO Pay

Companies now must disclose how much CEO stock holdings increase when the market rises.

Advisors Boost Allocation to Private Markets as Client Interest Grows

Over half the investment advisors surveyed by Hamilton Lane plan to allocate 10%+ of clients’ portfolios to private markets this year.

Virginia Leads in Personal income, West Virginia is Last: WalletHub

A new WalletHub report lets you see how your state ranks in personal income for the top 5%, bottom 20%, and total population.

FPA: Financial Planners Still Prefer ETFs in Client Portfolios

The FPA and Journal of Financial Planning's annual trends survey also finds advisors are bullish on the economy, but only in the short term.