Commonwealth Financial Network
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Overview
Commonwealth Financial Network operates as a financial advisor company based in Waltham, Massachusetts. Commonwealth Financial Network administers $146.4 billion in assets under management across 585,629 client accounts, placing it among the largest financial advisory firms in the United States by assets under management (AUM). The firm has a very large team, including 2,900 financial advisors. Commonwealth Financial Network is not a registered broker-dealer, meaning the firm is not able to buy and sell securities for its own accounts as well as its customers' and instead has to go through a broker-dealer firm to do so. Securities are exchangable financial assets like bonds, equities and options.
Commonwealth Financial Network administers more than half of its accounts in a discretionary manner. Discretionary management is a structure in which an investment advisor makes buy and sell choices for the client's account without requiring the customer's consent. The company also manages 19,186 non-discretionary accounts totaling $4.7 billion in assets under management. The advisory firm's typical account size is $249,305. An average financial advisor at Commonwealth Financial Network manages around 202 client accounts.
The firm's main office is at 29 Sawyer Road, Waltham, Massachusetts 02453-3483. The firm is permitted to provide services to clients throughout 51 U.S. states and territories.
Assets Under Management
Number of Advisors
Disclosures
Office Location
Commonwealth Financial Network by the Numbers
$146.4 billion
4,300
585,629
$250.0 thousand
Products and Services
Commonwealth Financial Network offers a variety of financial services, which can consist of financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers, publication of newsletters and educational seminars. In the prior financial year, it provided 33000 of its customers with financial planning services. It does sell products or offer services different than investment advice to its customers. The firm also has a number of financial industry affiliations, including with a broker-dealer or securities dealer and insurance company or agency.
Core Advisor Services
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Offered by 31% of firms
Financial Planning Services
This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.
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Offered by 46% of firms
Portfolio Management
This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.
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Find a firm that offers this service
Market Timing Services
This is the practice of attempting to make short-term profits on investments by buying low and selling high.
Other Services
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Offered by 20% of firms
Selection of Other Advisors
This is the firm's assistance with choosing other advisors to work with who may have different specialties.
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Offered by 3% of firms
Publication of Periodicals
This is the publication of various financial education materials.
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Offered by 6% of firms
Educational Seminars/Workshops
This is the hosting of seminars or workshops to educate investors on financial concepts.
Fee Structure
Fees for financial management usually depend on which services are provided. However, fee types charged by Commonwealth Financial Network likely are comprised of some combination of the following fee structures: asset-based, hourly, fixed or commission-based. Wrap fee programs, or the practice of bundling services for a single fee, are offered by Commonwealth Financial Network.
Available
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Offered by 69% of firms
Percentage of Assets
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Offered by 21% of firms
Hourly
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Offered by 1% of firms
Commissions
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Offered by 32% of firms
Fixed
Unavailable
Types of Clients
The company works with a number of different investors. Commonwealth Financial Network caters to retail investors, high net worth investors, pension plans, charitable organizations, state or municipal government entities and corporations. Out of its 585,629 clients, Commonwealth Financial Network's biggest client group by number of accounts is retail investors, but it also caters to 15,954 high-net-worth individuals. The SEC defines a high-net-worth individual as an individual who has at least $750,000 in AUM or a net worth of at least $1.50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of its customers are non-U.S. persons.
- High-Net-Worth Individuals* - 4.48%
- Other Individuals - 93.8%
- Corporations - 1.13%
- Charitable Organizations - 0.59%
* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.
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Disclosures
Commonwealth Financial Network does not have any disclosures.
Please visit its Form ADV for more details.
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Financial Advisors at Commonwealth Financial Network
Salt Lake City, UT
Ludlow, MA
Bedford, NH
New York, NY
Waltham, MA
Jacksonville, FL
Rochester, MN
Kennewick, WA
Waltham, MA
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