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

Advisors Dabbling in DC Market Seek Greater Support: Cerulli

Providing them with tools, education and guidance would help them grow their retirement-plan businesses, says Cerulli Associates.

Executives Traveling on Corporate Jets Face IRS Scrutiny

Do you have executive clients who might be using a corporate jet for personal use? Tell them the IRS has announced a crackdown.

U.S. Solo Renters Age 50+ Way Up

The number living alone rose by more than half a million, but there’s been a growing trend of older people living with roommates.

SEC Settles Charges Against Former Advisor

The former advisor, Andrew Komarow, was known in the industry for working with special needs families and neurodivergent clients.

SEC Fines TIAA Unit $2.2M for Violating Reg BI

The SEC said a TIAA broker-dealer charged some retail customers too much to invest in mutual-fund choices in an IRA.

Even Millionaires Flunk Retirement 101: Study

The American College of Financial Services plans to use its new research to help advisors improve client conversations.