Commonwealth Financial Network

Office address: 275 Wyman St., Suite 400, Waltham, MA
Website: commonwealth.com
Year established: 1979
Company type: financial services
Employees: 1,100+
Expertise: independent financial advisory support, practice management, advanced planning and research, marketing support, investment solutions, compliance services, technology platforms, business transitions, affiliation models
Parent company: LPL Financial
Key people: Wayne Bloom (CEO), Trap Kloman (president), Brian Price (chief investment officer), Jon Cleasby (CFO), Rory Barratt (chief strategy officer), Christopher Blotto (chief digital officer), Brian Sullivan (CMO)
Financing status: corporate-backed or acquired

Commonwealth Financial Network operates as an independent broker/dealer serving financial advisors throughout the US. The Waltham-based firm provides affiliation models, marketing support, and investment platforms to more than 2,900 advisors. The company maintains offices in Massachusetts, California, and Ohio.

History of Commonwealth Financial Network

Commonwealth emerged in 1979 when Joe Deitch transformed his retail financial planning practice into a broker/dealer. Deitch's original practice, the Cambridge Group, served as the foundation for the new Massachusetts firm.

The company was built to serve advisors, clients, and staff equally. Commonwealth became the official name in 1981 to reflect this shared-benefit philosophy. It started with two advisors but grew steadily under Deitch's leadership.

Early innovation and growth

The company introduced its first mutual fund wrap program in 1984 as fee-based management gained traction. The firm recognized advisors as business owners who needed more than product support.

Commonwealth also launched practice management assistance in 1989 to help advisors with strategic planning and staff management.

Commonwealth Financial Network's expansion

The firm expanded its service offerings throughout the 1990s and developed Preferred Portfolio Services. Commonwealth Financial Network became the official company name in 1999 to reflect its national reach.

The broker-dealer opened a San Diego office in 2000 to serve West Coast advisors as well. It then surpassed $100 billion in assets by 2015. The firm hit $1 billion in annual revenue that same year and launched Advisor360° in 2019.

Recognition and transition

The company earned recognition in InvestmentNews' 2024 Fastest-Growing Employers award for top net advisor gains. It led both the national category and independent broker-dealer channel in 2023 recruiting. The firm showed how partnerships between firms and advisors create value through shared resources and scale.

Commonwealth Financial Network was also bought by LPL Financial for $2.7 billion in a deal announced in March 2025. The transaction closed in August 2025 with advisor platform integration expected to finish by late 2026.

Commonwealth Financial Network's products and services

Commonwealth offers advisor-focused solutions designed to support independent financial practices at every stage:

Business structure and strategy

• affiliation flexibility: partnership models matching different practice styles
• tailored business strategies: customized plans to optimize practice performance

Client services and growth

• advanced planning and research: insights to strengthen client relationships
• complete marketing support: tools and guidance for brand differentiation

Operations and technology

• holistic investment solutions: platforms to manage assets more efficiently
• collaborative compliance: regulatory support that advances business goals
• powerful technology: integrated software for client and business management
• outsourced business solutions: external resources for operational tasks

Commonwealth Financial Network also produces thought leadership content like "The Advisor's Guide to Philanthropic Giving for HNW Clients." The white paper equips advisors with strategies and case studies for guiding wealthy clients through charitable giving.

Culture and corporate values

Commonwealth Financial Network describes its culture as shaped by employee collaboration and shared experiences. The firm states that it prioritizes teamwork, learning, and advisor support.

According to the company, employees work together while creating what it calls phenomenal advisor experiences. Commonwealth's values are:

1. team first
2. independence, choice, and guidance
3. indispensability
4. well-managed growth

Commonwealth Financial Network offers benefits designed to support employee well-being:

• time off: paid leave days and holidays for work-life balance
• health coverage: dental, vision, and medical insurance for employees
• retirement and bonuses: 401(k) matching program and performance-based bonus plan
• referral program: rewards for employees who recommend new hires

The firm extends its community focus beyond internal benefits through charitable work. Its non-profit, Commonwealth Cares Fund, coordinates employee and advisor contributions across the company's three US offices.

About CEO Wayne Bloom and key people

Wayne Bloom is Commonwealth Financial Network's CEO. He is also a managing director at LPL Financial. Bloom earned a business management degree from Northeastern University and completed the Owner/President Management program at Harvard Business School.

A leadership team supports Bloom in running Commonwealth Financial Network:

• Trap Kloman serves as president and COO, overseeing daily operations
• Brian Price is chief investment officer, managing the firm's investment strategy
• Rory Barratt is SVP and chief strategy officer, leading product development
• Christopher Blotto is SVP and chief digital officer, directing technology initiatives
• Jon Cleasby is SVP and CFO, handling financial operations at Commonwealth Financial Network
• Brian Sullivan works as SVP and chief marketing officer, guiding brand strategy

The leadership team operates as a collaborative group focused on advisor support. Commonwealth's leaders prioritize serving what they describe as client-focused and knowledgeable advisors.

The future at Commonwealth Financial Network

Following the LPL Financial acquisition, the company lost 653 advisors between April and December 2025. The firm retained 77.5 percent of its 2,900 advisors as many sought boutique cultures elsewhere. This transition tests Commonwealth's ability to preserve its advisor-focused identity within LPL's larger infrastructure.

Despite the departures, Commonwealth Financial Network retained its most profitable advisors under the LPL integration. The firm reported that advisors representing over 80 percent of assets signed agreements to stay. It remains a separate brand, with analysts projecting that the deal will drive 20 percent earnings growth.

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