Commonwealth Now Aiming for $1T in Assets
Combined, the three initiatives “will ensure the firm’s independence and continued support of its affiliated advisors and their clients,” the company said in a news release. They will also “help advisors scale their businesses while remaining true to a legacy of high-quality, world-class service.”
The firm’s planned “significant fee reduction” for its custom and advisor-managed portfolio programs will give advisors “competitive advantages and the enhanced ability to operate within the industry’s shift to fee-based investment services,” according to Commonwealth.
“The bottom line is that our new platform fee pricing will be lower, simpler, and, above all, more competitive. It will cover all products,” including stocks, exchange-traded funds, bonds and mutual funds,” Bloom explained.
Commonwealth’s plan to expand its outsourced business solutions to all affiliated advisors “will save them money and give them more time — an advisor’s most valuable asset — while gaining access to expertise and support,” the company said.
The company’s “comprehensive offering will include an array of à la carte outsourced services, including human resources, compliance, investment management, operations, technology, marketing, and financial planning,” it said. The solutions will help guide advisors to develop a plan that meets their needs now and in the future, Commonwealth noted.
Bloom added: “We are evolving Commonwealth to maximize value for Advisors and contribute to their lasting success. These efforts reinforce our mission to deliver an indispensable advantage to our Advisors, so they can help their clients live their best lives.”
(Pictured: Wayne Bloom, CEO of Commonwealth Financial Network)
