Stacey Hyde, president and founder of Envision Financial Planning, a Commonwealth-affiliated RIA in Memphis, Tenn., who partnered with Commonwealth in 2010 and has $250 million in assets under management, agreed. “There is a good thing about being part of a billion-dollar boutique,” said Hyde, who started with the firm as a registered rep in 2012.
“Commonwealth puts their money where their mouth is. They’ve hired a lot of people. It gives us the scale and experience we need to grow in a boutique environment, which is very important to us,” added Hyde.
While her firm has a chief compliance officer, she said she saves enormous amounts of time and money using Commonwealth’s services, particularly their compliance team, which she said keeps her firm from having to hire an outside compliance firm.
Greg Stalsberg, an advisor with Hibbing, Minn.-based Ryan Financial Group, which has $750 million in AUM and affiliated with Commonwealth in November, said the firm’s services “blew us away. Commonwealth’s advanced planning, strategic retirement solutions, and investment research teams bring a new level of depth to what we can offer,” Stalsberg said.
For CEO Bloom, preserving the firm’s culture of “doing well by doing right” is ever more critical as the firm ramps up to reach $1 trillion in assets, a goal he said is essential for long-term innovation and financial strength.
These core values were equally critical to Ryan Financial as they sought a corporate RIA partner, Stalsberg said.
“Commonwealth shares our same values and vision and cares about our clients and us, not the bottom line. That’s a rare combination in this industry that will help us succeed as we evolve and grow our business,” he said.