In 1979, Joe Deitch got down to construct what he described as an “open and supportive surroundings the place advisors may very well be true to themselves and to their shoppers, comply with their goals, and develop to their hearts’ content material.”
Again then, Deitch’s imaginative and prescient was distinctive amongst what was a way more restricted variety of impartial broker-dealers than there are right now. But he endured, and 4 a long time later, Commonwealth Monetary Community has grown to turn out to be the nation’s largest privately held impartial RIA and broker-dealer.
What's it that’s made Commonwealth so profitable in such a crowded and aggressive market?
Andrew Daniels, the agency’s Managing Principal of Enterprise Improvement, joins this episode to reply that query and extra, together with:
How Commonwealth differentiates itself from different IBDs—and the way their worth proposition continues to align with Deitch’s unique imaginative and prescient.
How IBDs differ from RIAs—and what attracts advisors to the impartial broker-dealer mannequin.
What forms of advisors are greatest suited to Commonwealth—and the way shifts within the business have impacted their advisor inhabitants.
What choices exist for long-term worth (LTV) creation inside the IBD area—and the way Commonwealth as a agency addresses these advisors who make LTV a precedence.
Why know-how has turn out to be a key attract independence—and the way Commonwealth has continued to make huge investments in integration and infrastructure.
How Commonwealth has advanced over the previous 4 a long time—and what they foresee because the “subsequent huge factor” for the agency and the business at massive.
Andrew describes Commonwealth as a “large RIA, with a built-in broker-dealer” designed for “those that need to be within the cash and wealth administration enterprise, not within the infrastructure administration enterprise.” It’s an ideal dialog a few enterprise mannequin 40 years within the making, and well-poised for fulfillment for a lot of extra years to come back.
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