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January 11, 2016 at 11:31 AM
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.
