Commonwealth Financial Network, a private registered investment adviser and independent broker-dealer, has hired Matthew Chisholm to serve in the newly created role of senior vice president of RIA services and practice management.
Chisholm has more than 20 years of industry experience, and he most recently served as head of practice management and consulting at Fidelity Clearing & Custody Solutions.
Commonwealth said that it linked RIA services with practice management in order to help advisors operate and grow their fee-based practices. As of January 31, 2020, Commonwealth has transitioned 119 advisors to a fee-only business model, with numerous additional firms under consideration for 2020. Fee-only advisors represent $7.6 billion in assets under management out of the firm’s approximately total of $200 billion in AUM.
“Matt’s track record of consulting with broker-dealers, hybrid firms, and independent RIAs in the custodial world will add tremendous value to the range of support we offer for fee-only advisors,” said chief executive officer Wayne Bloom. “As our industry continues to shift to fee-based advice, we are uniquely poised to partner with advisors not only where they are, but where they want to go.”
Chisholm will report to Greg Gohr, managing principal of wealth management, who was recently elevated to the partner level. Gohr has been with Commonwealth for 20 years and has led the advanced planning, annuity research, insurance, investment management and research, and retirement consulting services teams.
Founded in 1979, Commonwealth is headquartered in Waltham, Massachusetts, and San Diego and supports more than 2,000 independent financial advisors nationwide.