Commonwealth Financial Network is the largest privately held independent broker/dealer in the country. Beyond size, which we feel is an asset in providing resources to be a stable platform, the firm has consistently won industry awards for its advisor’s satisfaction, technology platforms, and innovative technology. Click here to learn more about the history of Commonwealth and some of its many awards:
Please review some other noteworthy articles regarding various aspects of Commonwealth’s business.
Financial crises will ebb and flow through time. In searching for the right “home” for our team and our clients assets, it was important for us to find a custodian who we felt would be further removed from external influences that can affect a financial company’s stability. Some examples include “proprietary trading”, derivatives holdings, and investment banking. In addition, being a publicly traded financial company during stressful markets may subject a company to less stability through having its stock sold, or “shorted”, a scenario we saw significantly affect the financial industry in 2008.
One of the things we’ve struggled with in the industry is communicating quickly with our clients due to industry compliance regulations. Regarding asset management in “discretionary” portfolios of which we have control, we have always wanted to communicate quickly when making changes to accounts so that clients are informed when and why we are acting to capitalize on opportunities or to protect their assets. Commonwealth has embraced social media, so we can now post updates on Linked In, as well as sending out client e-mails immediately upon making changes. While Commonwealth’s management is still required to review all communications to clients and the public, we are allowed to act first when communicating these changes to clients, while they review these communications after the fact, giving us as professionals more latitude to quickly communicate important messages.
Another of the most important aspects of serving clients is your ease of access to accounts, simplicity of information presented, and our ability to work together using technology to improve your overall experience. Although simple, we feel the following are important in assisting you effectively:
- Interactive financial planning tools in which you can change variables with your advisor in real time during a planning discussion to see how outcomes are affected
- A website that shows account performance from date of inception, net of withdrawals or additions, simply and clearly, and with benchmarks that are appropriate for your account
- Online secure client document vault where clients can upload important documents such as wills, trusts, life and homeowners insurance; documents that you would want to ensure are protected in the event of fire, flood or theft
- The ability to video conference at your request
- At your option, account aggregation in real time so you can see the value of all of your financial assets in one site, whether custodied with us or not. This includes bank accounts, corporate retirement plans, deferred compensation, options, etc. This will help you manage your assets more effectively, and help us advise you more efficiently.
There is a lot of talk about corporate culture, but it seems that many of the messages are hollow slogans. Just as we want to assist our clients in realizing their financial dreams and live lives in which they are content in their financial and personal achievements, we too want to be happy in our professional lives, and get the support from our broker/dealer that not only enables us to efficiently manage your planning and wealth management, but thrives in supporting their advisors. We believe we’ve found that in Commonwealth.