Darren Tedesco: Driving Commonwealth’s ‘intuitive’ tech
No matter how you slice the data, Commonwealth Financial Network LLP comes out as one of the top independent broker-dealers in the nation — and a big part of that success has been its technology.
No matter how you slice the data, Commonwealth Financial Network LLP comes out as one of the top independent broker-dealers in the nation — and a big part of that success has been its technology.
The firm was formed in 1979, but the most significant growth in its advisory technology has occurred over the past 10 years.
To a great extent, it has been the responsibility of Darren Tedesco.
Although most folks in the advisory technology world have probably heard of him, the average financial adviser probably hasn’t (unless they have called Commonwealth; it is Mr. Tedesco’s voice on the automated phone system).
He started with Commonwealth as a staff accountant in 1994 but just four years later pulled off one of his first notable tech accomplishments.
That is when he and two others helped put the broker-dealer onto the Internet — after first purchasing the commonwealth.com domain from a car dealership in Michigan for $5,000.
Mr. Tedesco, 41, was made a managing principal last year and now fully oversees the firm’s tech footprint.
He is a firm proponent of the KISS — keep it simple, stupid — philosophy.
“Intuitive is always in fashion,” Mr. Tedesco said.
“You will never hear someone utter the words: “That was too easy to use; I don’t like it,’” he said. “Da Vinci said it best: “Simplicity is the ultimate sophistication.’”
Only when he and his team feel like they get the adviser to the essence of what he or she is trying to accomplish as quickly as possible have they really added value, Mr. Tedesco said.
A central challenge is keeping his firm’s proprietary, internally built systems competitive as they continue to grow in complexity, and much advisory technology is being delivered using less expensive, open-standard platforms.
Meanwhile, the firm already has been tested in a way that many of its competitors haven’t.
A security breach occurred in November 2008 when one of the firm’s advisers had his login credentials compromised by a virus, and someone overseas began placing trades.
Although it was a black eye for the firm at the time, Mr. Tedesco helped draft and implement new policies that included remotely overseeing, maintaining and paying for software updates to the desktop computers of every Commonwealth adviser.
The firm now has the most rigorous and comprehensive security in the industry.
Keeping technology current is a continuing challenge.
“There are certain things I think the writing is on the wall for, and one of them our advisers are starting to expect is being able to perform their work on any device, anywhere, anytime,” Mr. Tedesco said.
When he isn’t working, he can be found taking a swim. A long-distance swimmer, Mr. Tedesco participated in one of his longest, coldest races two years ago, an eight-miler in Boston Harbor.
The water temperature was 59° F, and no wet suits were allowed.
“When you hit the water for the first time, it is a shock to the system that literally takes your breath away,” Mr. Tedesco said.
“I remember saying to myself: “This is a lot colder than the water I trained in.’ But your mind keeps telling you to swim as fast as you can; otherwise, hypothermia can set in, so you just do it,” Mr. Tedesco said.
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