Commonwealth Financial Network, a Waltham, Massachusetts-based independent broker-dealer, has launched a program to give its affiliated advisers administrative support on an as-needed basis.
Called the virtual administration program, it pairs advisers requiring support in a range of operational areas with professionals who are trained and employed by Commonwealth. The firms said it will charge advisers a fixed fee for the service based on the number of hours committed.
Advisers participating in the program are matched with a dedicated administrative person, who acts as a part-time staff member for the duration of a six-month agreement, which can be automatically renewed. The assistants work for their advisers in eight-hour segments, up to 24 hours per week. Tasks handled include document preparation, opening and updating accounts, transferring assets, updating CRM and pulling reports, and providing direct support to an adviser’s clients.
“The one-on-one support offers an alternative to hiring part-time staff and eliminates the need to spend time and money on training, human resources management, technology and setup,” the company said in a release.
State mandates and plan complexity are opening doors for financial advisors in the 401 market.
New LIMRA data reveal a stubborn advice gap that financial professionals are well-positioned to close.
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.
Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
