Commonwealth Monetary Community this week introduced the outcomes of its 2023 recruiting effort, revealing that it onboarded some 292 advisors to each new and present practices throughout the nation through the 12 months.
These advisors have been accompanied by a complete of $15.9 billion in consumer belongings, a rise of practically 42% in comparison with 2022’s earlier document recruiting 12 months. In a brand new interview with ThinkAdvisor, Becca Hajjar, managing principal and chief enterprise improvement officer at Commonwealth, stated the struggle was already on to realize one more document in 2024.
“In fact we wish to three-peat,” she joked. “I consider we will get there.”
Charge-Primarily based Enterprise Leads Approach
As Hajjar emphasised, the common belongings of advisors who joined affiliated companies elevated practically 34% in 2023, representing sturdy development throughout Commonwealth’s group of impartial companies and an elevated curiosity in supporting advisors who select to affix present companies. Particularly, Hajjar identified, advisors who joined present practices have been accountable for near $820 million of the general recruited belongings.
The agency noticed continued momentum from advisors looking for to affix from registered funding advisors, impartial broker-dealers, regionals and wirehouses. On the finish of 2023, Commonwealth supported practically 2,200 affiliated advisors nationwide, overseeing greater than $296 billion in consumer belongings.
“As soon as once more, most belongings recruited final 12 months have been fee-based, a direct results of the transformation unfolding throughout the business,” Hajjar stated. “One other attention-grabbing and associated reality is that, of the advisors who joined us in 2023, there was an 18% improve within the prevalence of CFPs.”
In a press release in regards to the outcomes, Commonwealth CEO Wayne Bloom stated he sees the agency’s future as being “notably vibrant.”