Commonwealth Financial Network is a privately held Registered Investment Adviser–independent broker/dealer based in

Waltham, Massachusetts Waltham ( ) is a city in Middlesex County, Massachusetts, United States, and was an early center for the labor movement as well as a major contributor to the American Industrial Revolution. The original home of the Boston Manufacturing Company, ...

, and 110 Plaza in

San Diego, California San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the eighth most populous city in the United Stat ...

. The company was founded in 1979 by Joseph S. Deitch and was incorporated under the name Commonwealth Equity Services. In 1999, the name Commonwealth Financial Network was adopted. As of 2017, Deitch remains Chairman of the firm. The firm is owned and controlled by its 13 managing principals. Commonwealth has approximately 1,950

independent financial adviser Independent financial advisers (IFAs) are professionals who offer independent advice on financial matters to their clients and recommend suitable financial products from the ''whole of the market''. The term was developed to reflect a United Kingd ...

s and financial planners for whom it serves as a "back office", processing investment transactions on behalf of their clients, and to whom the firm provides resources and consulting services to support the advisors' businesses. Advisors who affiliate with the firm must earn a minimum of $200,000 in annual gross broker/dealer concessions (GDC). Gross revenue per advisor in 2017 was the highest among independent broker/dealers, as reported by ''Financial Advisor'' in April 2017.

History

References

{{reflist Financial services companies of the United States Financial services companies established in 1979 Privately held companies based in Massachusetts Companies based in Waltham, Massachusetts Brokerage firms