August 13, 2013

Commonwealth Named Best Place to Work in San Diego

The independent broker-dealer has been recognized 23 times in recent years as a friendly workplace, on the East and West coasts

Commonwealth Financial Network has been named the “best place to work” in San Diego for 2013 by the San Diego Business Journal, the independent broker-dealer said Monday. This is the fifth time that Commonwealth has been named as one of the 100 list makers and the first time it has been at the top of the list for large-size firms.

“Commonwealth’s San Diego team comprises remarkable people who positively impact our work environment and make it the ‘best place’ it is,” said John Rooney, managing principal of Commonwealth’s West Coast office, in a press release.

The publication’s 2013 Best Places to Work in San Diego list includes 100 companies that operate in San Diego County. Each year, nominated companies are evaluated on their workplace policies, practices, philosophy, systems and demographics; their employees participate in a survey to measures employee sentiment.

“As a privately held company, we are able to thoughtfully bring on people whom we believe possess both the professional and personal attributes that will allow them to thrive within our dynamic workplace,” Rooney added. “I can say with confidence that each team member is fully committed to our advisors’ needs and positively impacts our large — yet small — organization.”

Commonwealth says it has been recognized 23 times as a “best place to work” by several publications, such as the Boston Globe, Boston Business Journal, San Diego Business Journal and Computerworld.

The San Diego Business Journal ranked Commonwealth No. 1 in the large-company category this year, after ranking it No. 2 in 2012 and in the Top 10 in 2011; in the mid-size group of companies, it was listed as No. 6 in 2010 and No. 1 in 2009.

The Boston Globe ranked the independent-broker dealer No. 1 among mid-size firms in 2008 and No. 2 from 2009-2011; it placed sixth as a large firm in 2012. Commonwealth earned the No.1 ranking in the Boston Business Journal for mid-size firms in 2005, and was in the Top 10 list from 2006-2009

In April, Commonwealth Financial Network had — for the third year in a row — the highest rating among independent broker-dealers and overall in the J.D. Power and Associates 2013 U.S. Financial Advisor Satisfaction Study.

“Being indispensable — and providing consistent service to our advisors — comes that much easier when you have the sense of purpose we have," Rooney said. "I attribute this number one ranking to our dedicated team and wholeheartedly thank them for their contributions to Commonwealth.”

Commonwealth, founded in 1979, is among the nation’s largest privately held independent broker-dealers/RIAs, with headquarters in both San Diego and Waltham, Mass., where it employs 87 and 493 staff members, respectively. The firm supports more than 1,450 independent advisors nationwide.

In 2012, it had sales of $712 million. The average level of yearly fees and commissions (or production) per rep was $401,000 — giving it the top spot for average production per advisor in Investment Advisor’s 2013 rankings. It also ranked third in terms of its friendliness to RIAs and seventh for home-office support.

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Check out The 2013 Broker-Dealer Reference Guide on ThinkAdvisor.

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