Commonwealth Financial Network Launches New Tech Solutions to Enhance Advisory Services

Commonwealth Financial Network Introduces Innovative Investment Solutions

At a recent major industry conference, Commonwealth Financial Network, a renowned national registered investment advisor, announced groundbreaking initiatives and technological advancements aimed at enhancing the productivity of financial advisors. This announcement underscores Commonwealth's commitment to offering innovative financial services to elevate independent business practices.

The Focus on Efficiency for Advisors

Commonwealth seeks to provide integrated solutions that align with the needs of financial advisors in an increasingly competitive market. As an organization that values the inputs of its advisors, Commonwealth tailors its offerings based on direct feedback and industry trends. Trap Kloman, the firm’s president and COO, emphasized that the evolution of their services is driven by listening to the advisors who are at the forefront of the financial landscape.

Key Features of Commonwealth’s Programs

One of the cornerstone offerings unveiled is the Preferred Portfolio Services® (PPS) Select platform. This platform is designed to facilitate substantial growth for advisors, showing a remarkable potential for almost 14 percent faster growth compared to those without these services. According to the data shared at the conference, a significant portion of Commonwealth's advisors are already leveraging this platform, indicating its value in their business operations.

Future Enhancements to the PPS Select Platform

As part of the 2025 rollout, the PPS Select platform is set to see a comprehensive enhancement with several prongs aimed at customizing and improving the advisor experience:

• Personalized Indexing: The platform will enrich its direct indexing capabilities, enabling advisors to construct highly personalized and tax-efficient portfolios tailored to client needs.
• Tax Transition Features: Advisors will gain the flexibility to implement a tax strategy that allows the gradual transition of accounts to models within the platform.
• Tax Overlay Services: This feature aims to automate tax-loss harvesting, providing advisors with an efficient method to manage investments and save time.
• Unified Managed Account (UMA) Structure: This will allow advisors to consolidate various models and third-party management options within a single account for streamlined management and reporting.

Enhancing Technology Capabilities

In addition to investment solutions, Commonwealth is evolving its technological support for advisors. Chris Blotto, the firm's chief digital and information officer, announced a significant initiative that simplifies technology management for growing advisory businesses. The emphasis is on outsourcing technical needs to free up advisors to concentrate on their core business—serving clients rather than managing complex IT environments.

Comprehensive IT Support and Services

The introduction of CTO Services marks a significant development in Commonwealth’s service offerings. This new initiative will provide a fully managed IT support system, encompassing everything from hardware management to telecommunications. Blotto noted that this concierge-level service is designed to alleviate the common headaches that come with managing a tech stack, allowing advisors to focus on delivering value to their clients.

Commonwealth’s Commitment to Advisor Success

With the introduction of these innovative platforms and services, Commonwealth aims to empower advisors and enhance their operational efficiencies. The recent conference highlighted Commonwealth’s commitment to fostering a supportive environment for independent advisors, ensuring they possess the necessary tools and resources to thrive in a challenging market. The firm continues to strive for excellence, having already established a strong reputation in the industry—ranking #1 in independent advisor satisfaction multiple times according to industry studies.

About Commonwealth Financial Network

Commonwealth Financial Network is a registered investment adviser, proud to offer holistic solutions designed to support advisors in growing their businesses. Since its founding in 1979, Commonwealth has remained committed to delivering excellence and satisfaction among independent advisors. With a commitment to over 2,200 financial advisors managing vast assets, their focus remains on enhancing the advisor-client relationship through innovative services and technology.

Frequently Asked Questions

What is the PPS Select platform?

The PPS Select platform is Commonwealth's outsourced investment solution designed to facilitate advisor growth and efficiency.

How does Commonwealth support financial advisors?

Commonwealth provides integrated solutions, innovative technology, and business development resources to enhance operational efficiency for financial advisors.

What technological advancements were announced?

Commonwealth announced the introduction of CTO Services, which offers comprehensive IT support to financial advisors.

What is the significance of the UMA structure?

The UMA structure allows advisors to combine multiple investment models into a single account for efficient reporting and management.

How does Commonwealth measure advisor satisfaction?

Commonwealth ranks #1 in independent advisor satisfaction based on feedback from numerous industry studies conducted by J.D. Power.

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