Deitch says Commonwealth has become a "billion-dollar boutique."

Commonwealth Financial Network said late Monday that its annual fees and commissions reached $1 billion in 2015.

The group, which says it is the nation’s largest privately held independent broker-dealer and RIA, also announced that its advisors have more than $100 billion in total assets under management. The IBD supports some 1,700 affiliated advisors nationwide.

“This is a remarkable achievement and one that we all take enormous pride in,” said Commonwealth founder and Chairman Joe Deitch, in a statement. “When we opened our doors in 1979, we resolved to stay true to our values of quality and community.”

Rather than focus on just becoming larger, Deitch adds, the firm has spent the past 37 years “primarily [on] becoming better, which has made all the difference in allowing us to grow organically — rather than through acquisition — into something both better and bigger. We’ve achieved the goal we refer to internally as ‘the billion-dollar boutique.’ ”

Commonwealth adds that the number of its advisors exceeding $1 million in yearly fees and commissions has tripled in the past five years. Meanwhile, the company remains privately owned and operated by 11 managing partners.

The affiliated advisors have an average production level of $596,929, according to the firm. At $100 billion in assets, the average asset level is about $61 million per rep, the IBD says.

(In contrast, the average employee advisor at Merrill Lynch or UBS has annual production of about $1 million, according the companies’ latest financial reports. However, average annual production per independent rep stands at $136,000 at LPL Financial and at close to $515,000 at Ameriprise Financial, which has both indie and employee reps.)

According to Deitch, the firm’s future growth will continue to be a focus “on helping advisors grow their own independent businesses.”

“As with every success we have celebrated as a firm, these milestones are testaments to the advisors and home office staff who form the core of this unique community. I believe our advisors’ talent, business acumen, and integrity are unparalleled in this industry,” he explained. “And we are equally proud to attract and retain extraordinary, and tenured, staff who commit themselves on a daily basis to literally being indispensable in helping our advisors to best serve their clients and reach milestones in their own practices.”

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