SEC-registered wealth management firm Broker-dealer affiliated
Commonwealth Financial Network
As of its Form ADV filed September 29, 2026, Commonwealth Financial Network, an SEC-registered, broker-dealer affiliated wealth management firm in Waltham, Massachusetts, reported $212.7 billion in regulatory assets under management across 615,215 accounts, ranking #1 among all wealth firms in Massachusetts by assets.
Registration
- Registration
- SEC-registered, Approved
- CRD number
- 8032
- SEC file number
- 801-41541
- Registered since
- June 11, 1992
- Latest Form ADV filing
- September 29, 2026
- Legal name
- COMMONWEALTH EQUITY SERVICES, LLC
- Organized as
- Limited Liability Company
- Fiscal year ends
- December
- Other offices
- 1,433
Key figures
- Regulatory assets under management
- $212.7 billion
- Discretionary
- $207.6 billion (97.6%)
- Non-discretionary
- $5.0 billion
- Accounts
- 615,215 (598,423 discretionary)
- Clients
- 380,938, approximate as reported
- Employees
- 4,200
- Advisory staff
- 2,650 performing investment advisory functions
- Average account
- $345,668
- Asset growth, 1 year
- 1.4% (from $209.7 billion a year earlier)
- Asset growth, 3-year annual rate
- 13.3% (from $146.4 billion three years earlier)
- Asset growth, 5-year annual rate
- 9.8% (from $133.5 billion five years earlier)
- Client growth, 1 year
- -10.1% (from 423,700)
Broker-dealer affiliated. The firm is itself a broker-dealer as well as an investment adviser (Form ADV Item 6.A(1)). It is ranked among all wealth firms, the directory's view that includes wirehouses and broker-dealer firms, not in the main lists of independent RIAs. How firms are classed.
Growth rates come from the SEC's yearly snapshots and are left blank when the years are not comparable.
Rankings
Among all wealth firms, including wirehouses and broker-dealer firms.
Assets over time
Data table
| As of | RAUM |
|---|---|
| October 1, 2010 | $21.8 billion |
| October 3, 2011 | $26.1 billion |
| October 1, 2012 | $27.7 billion |
| October 1, 2013 | $33.4 billion |
| October 1, 2014 | $41.1 billion |
| October 1, 2015 | $48.2 billion |
| October 3, 2016 | $52.1 billion |
| October 2, 2017 | $61.5 billion |
| October 1, 2018 | $81.0 billion |
| October 1, 2019 | $85.2 billion |
| October 1, 2020 | $111.4 billion |
| October 4, 2021 | $133.5 billion |
| October 3, 2022 | $161.9 billion |
| October 5, 2023 | $146.4 billion |
| October 1, 2024 | $177.0 billion |
| September 2, 2025 | $209.7 billion |
| October 2, 2026 | $212.7 billion |
Clients and services
Client mix
| Measure | Bar | RAUM |
|---|---|---|
| High net worth individuals 41,874 clients | $108.7 billion | |
| Individuals (other than high net worth) 314,099 clients | $93.6 billion | |
| Corporations or other businesses 2,603 clients | $4.1 billion | |
| State or municipal government entities 300 clients | $3.2 billion | |
| Pension and profit sharing plans 1,207 clients | $1.9 billion | |
| Charitable organizations 405 clients | $1.1 billion |
How the firm is paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
- Commissions
Advisory services
- Financial planning
- Portfolio management for individuals or small businesses
- Portfolio management for businesses or institutional clients
- Pension consulting
- Selection of other advisers
- Publication of periodicals or newsletters
- Educational seminars or workshops
Financial planning clients (Item 5.H): 31500.
Wrap fee program sponsor or portfolio manager: yes.
Other business, affiliations and custody
Other business activities (Item 6.A)
- Broker-dealer
Financial industry affiliations (Item 7.A)
- Broker-dealer
- Other investment adviser
- Banking or thrift institution
- Insurance company or agency
Custody (Item 9)
The firm reported custody of client cash or securities, $21.1 billion in total.
Investment adviser representatives
- IARs registered with the firm
- 2,866
- Also registered through a broker-dealer
- 2,489
- Employees who are IARs (Form ADV 5.B(3))
- 2,950
Designations held by the firm's IARs: CFP 819, ChFC 167, CFA 31, PFS 6.
Between 258 and 1,052 of the firm's 2,866 IARs are registered in jurisdictions that require IAR CE. The source counts registrations by jurisdiction, and many IARs are registered in more than one, so the exact number is not knowable from it. IAR CE requirements by state.
Counts only. AdvisorIQ does not list individual people.
Disclosures
On Form ADV Item 11 the firm answered yes to 8 disclosure questions. See the detail on IAPD.
Succession and acquired firms
On Form ADV Item 4 the firm did not report succeeding to another adviser's business.
Similar-sized firms in Massachusetts
| Firm | City | RAUM |
|---|---|---|
| MML Investors Services, LLC | Springfield | $115.6 billion |
| SCS Capital Management LLC | Boston | $48.7 billion |
| Integrated Wealth Concepts LLC | Waltham | $23.6 billion |
| Rwa Wealth Partners | Boston | $19.8 billion |
| Ballentine Partners | Waltham | $15.3 billion |
The five wealth firms, broker-dealer affiliated firms included, nearest in regulatory assets with a main office in the same state.
Elsewhere
- Commonwealth Financial Network on IAPD: Form ADV, brochures and disclosure detail.
- Firm website: www.commonwealth.com
- Wealth management firms in Massachusetts
Firm data as of October 2, 2026, from ia100226.zip. Figures are as the firm reported them; corrections are made on Form ADV and appear after the next monthly reload.
Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.