Commonwealth sees second year of record recruiting results

In a display of continued energy in its growth and recruitment strategy, Commonwealth logged a second consecutive year of record results in 2023.

Commonwealth Financial Network said Tuesday that its recruited assets topped $15.9 billion last year, a record result. That achievement followed the record results of 2022, when there was nearly a 42 percent increase in client assets.

The broker-dealer started off strong in 2023 as it snagged Cedarwood Financial Partners, a billion-dollar practice based in Temple, Texas, with an emphasis on retirement planning services, from Edward Jones. That was followed by its signing of Mammini Co., a San Diego-based team with four advisors responsible for nearly $3 billion in client assets, from Lincoln Investments.

Over the course of 2023, Commonwealth welcomed 292 advisors to its ranks, bolstering both new and existing practices across the country.

"Commonwealth’s future is particularly bright. I couldn’t be prouder of the recruiting results we’ve achieved over the past two years," CEO Wayne Bloom said in a statement.

Aside from expanding Commonwealth's community of independent businesses, its recruitment drive reflected strong interest among advisors in joining established firms.

Advisors joining existing practices contributed significantly to the total recruited assets, with an average asset increase of nearly 34 percent among newly affiliated advisors. Advisors who came on board to existing practices, Commonwealth said, accounted for nearly $820 million of recruited assets.

Commonwealth also showcased its broad appeal across the financial industry by attracting professionals from RIAs, independent broker-dealers, regional firms and wirehouses, with a significant portion of the assets being fee-based. By year-end, it supported nearly 2,200 affiliated advisors overseeing more than $296 billion in client assets nationwide.

"Direct access to Commonwealth’s senior leadership team and subject matter experts, coupled with its ever-expanding product offerings and advisor-centric culture, are among the top reasons advisors choose Commonwealth," said Becca Hajjar, managing principal and chief business development officer at Commonwealth.

“Commonwealth is well-positioned to attract client-centric advisors who rely on innovative solutions that broaden capacity and expertise while building efficiencies and scale into their operations,” Bloom said. “We’re evolving faster than ever before and intently focused on growth while firmly staying true to our legacy and standards of affiliation.”