Batting .500; fantastic in baseball, even better in our Broker/Dealer of the Year annual surveys. One firm has taken the top spot more than any other in the 20 years we've been conducting them–Commonwealth Financial Network. With 10 wins under his belt, founder and chairman Joe Deitch reflects on the firm's history, how far it has come, and of course, what's next.
Investment Advisor: Is the firm as it is today a reflection of your vision when you founded Commonwealth? If not, what have you had to change along the way?
Joe Deitch: Back when I was an advisor, I couldn't find a firm to satisfy my own evolving expectations, and I assumed there were many other professionals who felt the same way. Over the years, our vision became more and more articulate. Today we can express it quite simply: "Quality and Community".
For quality, we strive to literally be the best in the industry in every single thing that we do. We're not looking to just get by, or be merely one of the best–we strive to be the best in every task, function and offering through Commonwealth. And when we reach that goal, we then focus on raising the bar. We're fanatically focused on quality, and know that allows us to stay on track, attract and hire the right people and do the right things.
At the same time, Commonwealth is our home, our community. We spend more time here than anywhere else and it only makes sense to create a community that is supportive, nourishing and dependable. Perhaps this sounds a bit noble, but let me assure you that it's totally selfish. And that's why our turnover among people is so low.
IA: What changes at Commonwealth and in the industry did you expect to see when you founded the firm? What has been unexpected?