Waltham, Mass.-based Commonwealth Financial Network today affiliated with retirement and pension firm Summit Financial.
Founded in 1979, Commonwealth Financial Network is a registered
investment advisor and the largest, privately held independent
broker-dealer, with headquarters in both Waltham and San Diego.
Burlington, Mass.-based Summit Financial, led by founder and managing partner Joseph Bonasera, generates $8.3 million in revenue and oversees total account assets of $1.2 billion. In 2010, Summit Financial was one of only five top-producing firms in the nation to be recognized by Nationwide as a Pinnacle Pension Administrator.
"We felt it was important to partner with a firm that is abreast of the new fiduciary guidelines and that values our experience and integrity to act as a fiduciary. Commonwealth is ahead of most in that area," Bonasera added.
Summit Financial's retirement practice, with $5.4 million of total revenue, provides administration, compliance support, consulting, due diligence, fiduciary oversight and fund selection assistance. The company also operates an employee benefit brokerage business, as well as a wealth management firm.