Commonwealth Flashcards
How many advisors and Staff do they employ?
Commonwealth has just under 1,500 advisors and 610 home office for a 2.4 to 1 ratio. They claim it’s the best in the business and have claimed that when you remove our clearing service staff, their ratio is better.
What is their fee based program?
It is called PPS or Preferred Portfolio Service and very similar to Passport. Payouts are very strong. They can manage assets with discretion or have sub advisors manage the investments. They can use Russell, PPS Select or Symmetry Partners.
PPS Select is similar to our Freedom Models, except run by Commonwealth and can include Mutual Funds, Equities and Individual Bonds.
Where is there Home Office?
They have two locations. One in Waltham, Ma and San Diego, Ca.
What Financial Planning Software do they use?
They have three options available that they’ve integrated into platform. Money Guide Pro, NaviPlan Pro and MoneyTree.
What is the typical transition package?
Their deals are considerably less than ours. For a 850k advisor they offered 25% including acat reimbursement. They did offer a higher payout for 2 years.
What fees to advisors pay to work for Commonwealth?
Errors and Omissions - $2,150 per advisor
Licensing and Registrations - Typically $400 / advisor depending on states.
Technology Fee - $200 per month per advisor
SIPC Assessment Fee - .15 of gross dealer concession of each check.
Who does Commonwealth clear through?
They have been using NFS or National Financial Service since 1987.
