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Commonwealth IBD Pivots to Planning

November 14, 2018

Commonwealth IBD Pivots to Planning

November 12, 2018 | David Armstrong | WealthManagement.com

Advisors at independent broker/dealer Commonwealth Financial Network are further along in transitioning their books of business to a fee-based advisory platform than most other IBDs, with many deciding to give up their FINRA registrations altogether, according to advisors and executives gathered in Austin, Texas recently for the firm’s annual conference.

Of the 1,800 advisors Commonwealth serves as a b/d, 75 advisors, representing $7 billion in assets under management, have dropped their FINRA licenses and made the transition to fee-only; another five to seven are set to make the switch in the first quarter of next year, executives said.

“That may not sound like a lot,” Commonwealth CEO Wayne Bloom during his opening keynote. “But we are on the cusp of a wave of IBD brokers dropping their FINRA registrations.”

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