Commonwealth Financial Network says it reached its highest level of new-advisor (or recruited-advisor) revenue in the firm’s 30-year history. The independent broker/dealer-RIA “optimized a year of heavy movement between advisors and broker/dealers to hand-select the most successful advisors in the industry,” it explains.
Commonwealth’s average revenue per new, or recruited, advisor increased 40 percent year-over-year, reaching $350,000 in gross dealer concessions (GDC), which includes sales commissions. In total, the firm’s 2009 new advisor revenue exceeded $60 million.
The Waltham, Mass.-based broker dealer says it requires one of the highest minimums in the industry, $200,000, for new advisors to join the firm.
“We appreciate that growth is critical, but we remain focused on the careful addition of quality advisors to ensure a positive influence on our culture and high-touch service model,” shares Andrew Daniels, managing principal, field development.