Commonwealth Financial has launched Business Consulting Services, designed to support incoming wirehouse advisors going independent.
The “soft landing services suite” includes different offerings that aim to “ease the transition into business ownership and independence for newly affiliated wirehouse advisors,” according to the broker-dealer/RIA. They leverage in-house and external resources and include payroll support, human resources, marketing, finance and more.
The news comes about 10 weeks after Andrew Daniels, managing principal at Commonwealth Financial, told ThinkAdvisor that the firm was planning to step up its recruiting of breakaway financial advisors in 2021, especially those leaving the wirehouse firms.
“My focus is on the true wirehouse channel to broaden Commonwealth’s spectrum” at this point, he explained. Advisors from Merrill Lynch, Morgan Stanley and UBS have “been a relatively small piece of our historic pie,” with maybe just 12% of Commonwealth advisors historically coming from these three wirehouses, the executive added.
Also planned were initiatives designed to “ensure that we are being competitive” when it comes to forgivable loans to advisors and transition assistance for them, Daniels said in November, calling those efforts a “big part of the plan” for 2021.