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.
