In 2022, Commonwealth Financial Network onboarded 270 new advisors, comprising a total of $11.2 billion in total client assets. The majority of the company’s advisors are fee-based, while the company is privately owned. The company also offers broker-deal and insurance products. 

In a statement, Wayne Bloom, CEO of Commonwealth said, “Despite the difficult headwinds our advisors, their clients, and the industry faced last year, our team was extremely successful in bringing top-caliber financial advisors to our firm.” As Bloom looks forward, he is targeting $1 trillion in total assets under management, while maintaining the values that have enabled the company to succeed. 

The company added that the new advisors came from a variety of backgrounds including RIAs, independent brokers, regional practices, and wirehouses. The company is also looking to continue targeting ensembles and larger firms. It’s especially interested in targeting those with an entrepreneurial bent, offering them services like a Virtual Transition Support team and an expanded offering of Outsourced Business Solutions. 

Finsum: In 2022, Commonwealth Financial Network had a record-breaking year with 270 new advisors onboarded.