Waltham, Mass.-based broker-dealer Commonwealth Financial Network announced that it reached $1 billion in revenues in 2015.
Commonwealth advisors reported $1.008 billion in revenue last year, a 6 percent increase over 2014 revenues. They also collectively surpassed $100 billion in assets under management
“This is a remarkable achievement and one that we all take enormous pride in,” said Joe Deitch, Commonwealth’s founder and chairman. “The past 37 years have been primarily about 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 that we refer to internally as the ‘billion dollar boutique.’”
The firm, privately owned and operated by 11 managing partners, will continue focusing on advisor development as its primary avenue towards growth, he said.
Commonwealth’s 1,700 advisors have the highest growth revenue per advisor among independent broker dealers at $526,929 per year, and 10 percent of the firm’s advisors gross over $1 million annually, the company said.