According to the broker-dealer, the foundation aims to boost the impact of Commonwealth Financial’s efforts to give back to the communities in which its home-office staff and its network of advisors work in, live in and visit.
“Our advisors and home-office have been giving back locally for years,” said CEO Wayne Bloom (left) in a phone interview with AdvisorOne. “This foundation allows us to do in more formal ways what we have been doing for some time. And it lets us extend our efforts through activities that are more meaningful to our advisors.”
Commonwealth Financial is paying for the foundation’s operational and administrative expenses, so that all contributions can go directly to those in need, the broker-dealer says.
“Our advisors are always asking what more they can do to support our philanthropic efforts, and this will facilitate such efforts,” explained Bloom.