Commonwealth Aims for Controlled Growth

Though Deitch and Wheeler weren't thrilled with each and every one of the questions coming their way, they did say that the question-and-answer session is part of Commonwealth's overall approach to "community building." They also reminded advisors to keep the conversation going via the company's online advisor network, where there's an ongoing request for feedback and suggestions from advisors. These comments and questions are generally shared with the appropriate staff person within an hour, Deitch says.

As for improvements in payouts and fees, which some rivals have been highlighting in ads, Wheeler says to check the "small print." For its part, Commonwealth expects to make announcements about positive changes to its own fees and/or payout schedules by year-end, according to Rooney.

These issues, though important to advisors, weren't the main thing on their minds during Commonwealth's five-day event. For Slewa, who traveled to Arizona with his family, the conference was a great way to gather information on alternative investments

And, Slewa says, even though he's just three miles from the broker-dealer's East Coast offices, the conference gave him a chance to "really get out and see the whole [Commonwealth] landscape."

Slewa and the team he's part of came over from Ameriprise in January. "We appreciate the attitude of the Commonwealth staff, and that permeates the advisors: It's open architecture, friendly and welcoming."

For 12-year veteran Joshua Paul of Bartholomew & Company in Worcester, Mass., "The conference is a good opportunity for me to see what other advisors are doing," he shares.

Paul participates in a study group of younger advisors who discuss practice-management topics once a quarter and share thoughts on what it takes to become a $1 million-plus producer. He says he was glad to pick up additional tips in Phoenix, try out some jalapeno vanilla ice cream and attend the special talks and performances.

The Commonwealth event included "An Extravaganza of the Elements" show, which featured acrobats, as well as separate performances by comic jugglers Jon Wee and Owen Morse and a motivational speech by photographer Dewitt Jones.

Sidney Franks of the Highbridge Financial Group in Tarrytown, N.Y., says his focus during the event was generally on business. "The sessions were jam-packed with information from 9 to 5 every day," he explains. "I didn't see much of the non-classroom facilities, like the pool."

Franks did get the chance to interact with Commonwealth staff and wholesalers. "There's a strong team dynamic, and the culture reinforces it," he says. "They've done a good job at keeping the culture the way it's been [historically] and are getting people to come in who are successful in the business… I met many new advisors and good people."