Wednesday, October 21, 2026The Morning EditionOpen AtlasSign inJoin free
FinancialADVSR

Est. 2026The front page of wealth managementNew York

The Morning EditionFree · 6:30 AM ETSubscribe
IN SpaceX’s AI segment now drives more than half its revenue. Here’s what advisors should watch nextFP Why AI might recommend your competitor instead of youFP Why clients are choosing phased retirement — and what advisors should know4K SPARK Forum Offering Scholarships for Retirement Plan AdvisorsFP What Schwab's new ETF platform fees mean for clients, advisorsWM RIA Platform Leaders Ask ‘What’s the Advantage in Having Your Own Form ADV?’IN Fake e-vite phishing scams put high-net-worth clients at riskRB Rick Wurster says Schwab is tackling its forced rationing of long/short SMAs with proprietary 'offering' to stretch balance sheet, but it may be more about a fee upside, a long/short manager saysIN Fintech bytes: 55ip, Vise, Syntax push tax-smart tools for RIAsWM $20B Modera Wealth Management Launches AI Operating Platform

Broker-dealer firm · Waltham, MA

Commonwealth Financial Network

Commonwealth Equity Services, LLC · SEC-registered investment adviser · CRD 8032 · SEC 801-41541

At a glance

Commonwealth Financial Network is an SEC-registered investment adviser based in Waltham, Massachusetts, with $212.7 billion in regulatory assets under management as of its Form ADV filed September 29, 2026. Its largest client group by assets is high-net-worth individuals, and it reports 355,973 individual clients. By Form ADV it is a broker-dealer firm, ranked 15th of 391 broker-dealer firms and 120th of 17,210 SEC-registered advisers by assets.

Main office 781-736-0700commonwealth.comLinkedInAs filed on Form ADV

Regulatory AUM
$213B
Rank among broker-dealer firms
#15 of 391
Rank among all SEC RIAs
#120 of 17,210
Rank in Massachusetts
#13 of 627
Individual clients
355,973
High-net-worth clients
41,874
Accounts
615,215
Discretionary
98% of AUM
Employees
4,200
Advisory staff
2,650
Offices
1,434

Owners and executives on its Form ADV

Custody and brokerage

Custodian

  1. Fidelity$206B

Other RIAs using Fidelity

Broker-dealer

Hybrid RIA

Commonwealth Financial Network is a hybrid RIA: 2,600 of its employees are also registered representatives of a broker-dealer. It names affiliated broker-dealers: LPL Enterprise, LLC and LPL Financial LLC.

Its Form ADV brochure (filed March 2026) names Commonwealth Financial Network as the broker-dealer its advisers are registered with.

Disciplinary Information Information on disciplinary history and registration of Commonwealth and persons associated with Commonwealth may be obtained online at adviserinfo.sec.gov or brokercheck.finra.org or by contacting state regulatory

Other hybrid RIAs

Who it serves

Client typeClientsRegulatory AUMShare
High-net-worth individuals41,874$109B51%
Individuals314,099$94B44%
Corporations or other businesses2,603$4.1B2%
State or municipal government entities300$3.2B2%
Pension and profit sharing plans1,207$1.9B<1%
Charitable organizations405$1.1B<1%

Disciplinary disclosures

Commonwealth Financial Network answers yes to 11 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗

Services

  • Financial planning
  • Portfolio management for individuals and small businesses
  • Portfolio management for businesses and institutions
  • Pension consulting
  • Selecting other advisers
  • Periodicals or newsletters
  • Educational seminars and workshops

How it’s paid

  • A percentage of assets under management
  • Hourly charges
  • Fixed fees
  • Commissions

Form ADV and brochures on the SEC’s adviser search ↗commonwealth.com ↗

SEC and FINRA actions

  • SEC, Aug 12, 2026Fiduciary duty and conflicts. Outcome in the release.Official release
See Commonwealth Financial Network in the Enforcement Tracker →

AtlasMembers

The full record on Commonwealth Financial Network

Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.

Assets, accounts, clients and staff, ten years of filings
Locked
Growth over one, three and five years
Locked
Rank against 29 peers of its type and size
Locked
Owners and executives, with titles and stakes
10 namedLocked
Main office, fax and compliance officer
Locked
Filing changes this year, with alerts
5Locked
Open Atlas free

Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.

Background

Questions

How much does Commonwealth Financial Network manage?

Commonwealth Financial Network reports $212.7 billion in regulatory assets under management across 615,215 accounts, 98% of it on a discretionary basis, on its Form ADV filed September 29, 2026.

What kind of firm is Commonwealth Financial Network?

Commonwealth Financial Network is a broker-dealer firm by its Form ADV answers. The firm is itself registered as a broker-dealer as well as an investment adviser. It reports a bank or thrift among its related persons. A public reporting company controls it.

Who are Commonwealth Financial Network’s clients?

By assets, its largest client types are high-net-worth individuals ($108.7 billion, 41,874 clients); individuals ($93.6 billion, 314,099 clients); corporations or other businesses ($4.1 billion, 2,603 clients).

Does Commonwealth Financial Network have any disciplinary history?

Commonwealth Financial Network answers yes to 11 disclosure items in Item 11 of Form ADV, which covers criminal, regulatory and civil matters involving the firm or its advisory affiliates. The details are on the SEC’s adviser search.

Where these numbers come from

Every figure is Commonwealth Financial Network’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-09-29), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.

Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →