In response to the growing number of advisors leaving the wirehouse channel to pursue independence, Commonwealth Financial Network said it has launched a curated service to ease the transition of those incoming advisors.
The business consulting service features a suite of offerings to help advisors, their staffs and their clients move over more easily, the company said. It offers in-house and external resources, including human resources, payroll support, marketing and finance for advisors newly affiliated to the network.
“As founders and CEOs of their firm, incoming advisors to Commonwealth are finally empowered to assume full control of their business decisions,” said Matt Chisholm, the company’s senior vice president of RIA services and practice management, in a statement.
Commonwealth said its transition team will work in lockstep with the business consulting services team to create a custom array of support services based on the advisor’s needs and vision for growth. Advisors can maintain, enhance and grow their businesses by choosing from à la carte services that include help with real estate, legal items, finance, marketing, human resources, investments, operations, technology and risk management.
“Advisors don’t all come in with the same needs, so we knew we couldn’t offer a one-size-fits-all service,” Chisholm said. “With business consulting services, we’re giving incoming wirehouse advisors the power of choice and control over how they bring their business over and how they grow going forward during this important part of their evolution.”
Founded in 1979, Commonwealth has headquarters in Waltham, Mass., and San Diego. The firm supports more than 2,000 independent financial advisors nationwide.