Commonwealth Financial Network
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Overview
Commonwealth Financial Network is a financial advisor company that has its headquarters in Waltham, Massachusetts. It oversees $161.9 billion in total assets across 540,172 accounts, placing it among the largest firms in the nation by assets under management (AUM). The firm has a very large group, including 2,700 financial advisors. Commonwealth Financial Network is not a registered broker-dealer, signifying that the firm cannot buy and sell securities for its own accounts as well as its clients' and instead has to go through a broker-dealer company to do so. Securities are defined as tradable fiscal assets such as options, equities and bonds.
Commonwealth Financial Network administers the majority of its client assets in a discretionary manner. Discretionary management signifies that buy and sell decisions are made by a portfolio manager without needing client consent. The firm also oversees 14,297 non-discretionary accounts totaling $4.5 billion in assets under management. The advisory firm administers an average of $299,904 in assets for every customer account. The average financial advisor at Commonwealth Financial Network oversees around 200 client accounts.
Commonwealth Financial Network’s headquarters is located at 29 Sawyer Road, Waltham, Massachusetts 02453-3483. It is legally allowed to serve investors across 51 U.S. states and territories.
Assets Under Management
Number of Advisors
Disclosures
Office Location
Commonwealth Financial Network by the Numbers
$161.9 billion
4,000
540,172
$299.6 thousand
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Products and Services
Commonwealth Financial Network offers multiple 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 fiscal year, the firm provided 30000 of its clients with financial planning services. The company does sell products or offer services different than investment advice to its customers. It is also affiliated with one or more other service providers in the financial services industry, 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 47% 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 21% 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 7% of firms
Educational Seminars/Workshops
This is the hosting of seminars or workshops to educate investors on financial concepts.
Fee Structure
Fees charged by financial advisors vary depending on which services the firm provides the client. However, fee types billed by the company can be comprised of any blend 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 the company.
Available
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Offered by 70% 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 33% of firms
Fixed
Unavailable
Types of Clients
Commonwealth Financial Network does business with a number of different investors. The company works with retail investors, high net worth investors, pension plans, charitable organizations, state or municipal government entities and corporations. Out of its 540,172 accounts, Commonwealth Financial Network's biggest client type by number of accounts is retail investors, though it also serves 32,974 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an individual who has at least $750,000 under management 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 accounts are from outside of the U.S.
- High-Net-Worth Individuals* - 9.96%
- Other Individuals - 88.79%
- Corporations - 1.12%
- Charitable Organizations - 0.13%
* 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
Leominster, MA
Bethlehem, PA
North Smithfield, RI
Overland Park, KS
Brentwood, TN
San Diego, CA
Dover, DE
Burlington, MA
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The content in this profile was updated by SmartAsset on 04/01/2022 using publicly available data compiled from the SEC and FINRA. To report any data inconsistencies or errors, please contact profile-compliance@smartasset.com. The named financial professional and firm have not reviewed, approved, or endorsed this profile and are not responsible for its accuracy. Profile content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named financial professional and firm, and financial professionals and firms having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s profiles.
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Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.