Commonwealth Financial Network

CRD#8032
Investment Advisor Firm

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Overview

Commonwealth Financial Network operates as an advisory company based in Waltham, Massachusetts. Commonwealth Financial Network oversees $111.4 billion in assets under management over 436,517 customer accounts, making it one of the biggest firms in the United States by assets under management (AUM). The company has a very large team of 3,400 employees, of which 2,500 are financial advisors. Commonwealth Financial Network does not act as a registered broker-dealer, meaning the company is not able to buy and sell securities for its customers' and own accounts and instead must go through a broker-dealer company to do so. Securities are tradable financial investments such as equities, options and bonds.

Commonwealth Financial Network administers the majority of its accounts in a discretionary manner. Discretionary management is a structure in which an investment advisor makes buy and sell choices without requiring client authorization. The firm also manages 9,590 non-discretionary accounts totaling $2.5 billion in AUM. The investment advisory firm oversees an average of $255,294 for every customer account. An average advisor at Commonwealth Financial Network oversees around 175 client accounts.

The company's headquarters is at 29 Sawyer Road, Waltham, Massachusetts 02453-3483. The firm is permitted to provide services to customers throughout 51 U.S. states and territories.

Assets Under Management

$111.4 billion

Number of Advisors

2,500

Disclosures

No

Office Location

29 Sawyer Road
Waltham, MA 02453-3483

Commonwealth Financial Network by the Numbers

Total Assets Under Management

$111.4 billion

National Average: $3.7 billion
Total Number of Employees

3,400

National Average: 29
Total Number of Accounts

436,517

National Average: 2,073
Average Account Size

$255.3 thousand

National Average: $1.8 million

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Products and Services

Commonwealth Financial Network offers a number 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 past fiscal year, Commonwealth Financial Network provided 16500 of its clients with financial planning services. The company does sell products or offer services apart from investment advice to its clients. The firm is also affiliated with a number of other companies in the financial services industry, including with a broker-dealer or securities dealer and insurance company or agency.

Core Advisor Services

  • Offered by 45% 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.

  • Offered by 62% of firms

    Portfolio Management

    This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

  • 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

  • Offered by 23% of firms

    Selection of Other Advisors

    This is the firm's assistance with choosing other advisors to work with who may have different specialties.

  • Offered by 4% of firms

    Publication of Periodicals

    This is the publication of various financial education materials.

  • Offered by 10% of firms

    Educational Seminars/Workshops

    This is the hosting of seminars or workshops to educate investors on financial concepts.

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Fee Structure

Financial management fees usually depend on which services are offered. However, fees billed by the company likely are 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 provided by the company.

Available

  • Offered by 74% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 35% of firms

    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

  • Offered by 2% of firms

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Offered by 40% of firms

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

Unavailable

  • Find one of the 17% of firms that offer this fee type

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

  • Find one of the 1% of firms that offer this fee type

    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 12% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

Commonwealth Financial Network does business with a broad range of investors. It provides services to retail investors, high net worth investors, pension plans, charitable organizations, state or municipal government entities and corporations. Out of its 436,517 clients, Commonwealth Financial Network's biggest client by number of accounts is retail investors, although it also serves 17,900 high-net-worth individuals. The SEC defines a high-net-worth individual as an individual who has at least $750,000 under management or a net worth of more than $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 clients are represented by people from outside of the U.S.

  • High-Net-Worth Individuals* - 4.1%
  • Other Individuals - 94.59%
  • Corporations - 1.25%
  • Charitable Organizations - 0.06%

* 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

Fred Scheffner
Salt Lake City, UT
Jordan Walling
Duluth, MN
Mark Stephenson
Springfield, OH
Bradley Roberts
Knoxville, TN
Joseph Edwins
Scottsdale, AZ
Ryan Sant
Lynnwood, WA
Liam O'Shea
Waltham, MA
Mark Mcevily
Dayton, OH
Aaron Sherman
Lancaster, PA

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This content was compiled from the SEC and FINRA