Commonwealth Financial Network added $11.24 billion in total client assets in 2022 as the RIA/broker-dealer onboarded 270 advisors in new and existing practices across the U.S, it said Thursday.
This was Commonwealth's strongest recruiting result in its 43-year history, the firm said, noting new assets almost doubled last year from 2021.
Also record-breaking for Commonwealth was the $90 million in average assets under advisement for new advisors, the firm said.
Most of the assets recruited last year were mostly fee-based or fee-only businesses, which Commonwealth said underscored its position as an independent RIA with the "added benefit of delivering" BD and insurance capabilities.
"Despite the difficult headwinds our advisors, their clients, and the industry faced last year, our team was extremely successful in bringing top-caliber financial advisors to our firm," according to Wayne Bloom, Commonwealth CEO.
"Our ambitious goal of reaching $1 trillion in assets under management is rooted in a well-managed growth strategy built around our advisor-centric values," he said in a statement. "As our recruiting results can attest, Commonwealth is the right partner for client-focused advisors who want to join a community built for financial advisors like themselves."
He added that Commonwealth is "committed to our advisors' independence and equip them with the innovative tools, services, and support they need to grow the way they want to."
