Commonwealth Reports Another Record Recruiting Year in 2023

In a recap of recruiting results for 2023, Commonwealth Financial Network onboarded 292 advisers to both new and existing practices across the country. These advisers were accompanied by a total of $15.9 billion in client assets, an increase of nearly 42% over 2022’s record recruiting year.

“Commonwealth’s future is particularly bright. I couldn’t be prouder of the recruiting results we’ve achieved over the past two years paired with the new initiatives and product enhancements that deliver immense value to our advisers,” said Wayne Bloom, chief executive officer.

“While we had an incredible year, so did our advisers, and we thank them for their continued trust in us. Commonwealth is well-positioned to attract client-centric advisers who rely on innovative solutions that broaden capacity and expertise while building efficiencies and scale into their operations…” added Bloom.

The average assets of advisers who joined affiliated firms increased nearly 34%, representing growth across Commonwealth’s community of independent businesses and an increased interest in supporting advisers who choose to join existing firms. Specifically, advisers who joined existing practices were responsible for close to $820 million of the overall recruited assets.

The firm saw continued momentum from advisers seeking to join from registered independent advisers, independent broker-dealers, regionals, and wirehouses. Once again, most assets recruited last year were fee-based, a direct result of the transformation unfolding across the industry, according to Commonwealth. At the end of 2023, Commonwealth supported nearly 2,200 affiliated advisers nationwide, overseeing more than $296 billion in client assets.

“Direct access to Commonwealth’s senior leadership team and subject matter experts, coupled with its ever-expanding product offerings and adviser-centric culture, are among the top reasons multi-adviser enterprises and individual solo advisers choose Commonwealth as their firm partner,” explained Becca Hajjar, managing principal and chief business development officer at Commonwealth.

“As their dependable partner, advisers can build their own business or join an existing firm and experience firsthand how their trust in us will be fulfilled in the ways that matter most to them,” Hajjar continued.

Commonwealth Financial Network provides financial advisers with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. Privately held since 1979, the firm has headquarters in Waltham, Mass., and San Diego.

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