Commonwealth Monetary Community this week introduced the outcomes of its 2023 recruiting effort, revealing that it onboarded some 292 advisors to each new and current practices throughout the nation throughout the 12 months.

These advisors have been accompanied by a complete of $15.9 billion in shopper belongings, a rise of almost 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 battle was already on to realize one more document in 2024.

“After all we need to three-peat,” she joked. “I imagine we will get there.”

Payment-Primarily based Enterprise Leads Means

As Hajjar emphasised, the common belongings of advisors who joined affiliated corporations elevated almost 34% in 2023, representing robust development throughout Commonwealth’s group of unbiased companies and an elevated curiosity in supporting advisors who select to affix current corporations. Particularly, Hajjar identified, advisors who joined current 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, unbiased broker-dealers, regionals and wirehouses. On the finish of 2023, Commonwealth supported almost 2,200 affiliated advisors nationwide, overseeing greater than $296 billion in shopper 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 fascinating and associated reality is that, of the advisors who joined us in 2023, there was an 18% enhance within the prevalence of CFPs.”

In a press release concerning the outcomes, Commonwealth CEO Wayne Bloom stated he sees the agency’s future as being “significantly vivid.”