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.
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.
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.
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.
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 offers advisor-focused solutions designed to support independent financial practices at every stage:
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.
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:
Commonwealth Financial Network offers benefits designed to support employee well-being:
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.
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:
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.
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.
Meanwhile, Merchant is continuing to expand its support for RIAs by partnering with a South Dakota-chartered trust company.
The latest team to join Cetera, led by a 29-year veteran professional, arrives with roughly $380 million in AUA from OSJ Private Advisor Group.
The McKinsey veteran brings her expertise as LPL targets a lofty 90% advisor retention rate from its acquisition and integration of the $300 billion RIA.
From data access to email server operations, Adam Spiegelman says Commonwealth Financial Network supported a seamless transition as he left the firm to launch his own RIA.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
In his comments to analysts, CEO Paul Shoukry alludes to - but does not name - Commonwealth Financial as a factor.
LPL Financial is a bellwether for the broader financial advice marketplace.
Rather than big projects and ambitious revamps, a few small but consequential tweaks could make all the difference while still leaving time for well-deserved days off.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
"I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry."
The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.
Formerly Fidelity Investments leader will drive move to comprehensive services.
A heat wave couldn't stop the party as top advisors and firms swapped EBITDA for trophies, dance moves, and a red carpet celebration at the Edison Ballroom in Times Square.
