Commonwealth Creates Connections Between Advisors and Next-Gen CFP® Professionals Through New Talent Exchange Initiative

Commonwealth Financial Network^®, a national firm dedicated to providing financial advisors with holistic, integrated business solutions, announces the expansion of its Talent Exchange Initiative to connect skilled, work-ready students from top-tier universities offering CFP^® programs with its affiliated advisors. Through this initiative, Commonwealth will foster connections between students and its affiliated advisors, cultivate relationships with next-gen talent across the U.S., and support the needs of its affiliated firms.

According to our recent study conducted in partnership with Cerulli Associates, 37 percent of financial advisors—who collectively control $10.4 trillion, or 40 percent of total industry assets—are expected to retire in the next decade, leaving clients with a shortfall of available advisors. The results of this study illustrate that educating the next generation of financial planners is critical to closing the gap.

“With a sharp focus on eliminating barriers in the student-to-advisor pipeline, we developed the Talent Exchange Initiative to build strategic partnerships with higher-learning institutions and connect students and alumni with our advisors,” said David Israel, vice president, field outreach, at Commonwealth. “We made the decision to highlight institutions specifically offering CFP^® programs in accordance with their financial planning degree curricula to ensure a high standard of applicant quality.”

Given that a large percentage of Commonwealth advisors have the CFP^® designation—43.2 percent, the highest percentage of CFP^® professionals among independent broker/dealers¹—the requirements encourage applicants to connect with candidates right from the start to find common ground and build trust. Key Talent Exchange Initiative offerings include:

• An increased presence on the campuses of partner schools, with either home office staff or local advisors attending on-site recruiting events, job fairs, and other gatherings to keep Commonwealth at the forefront for opportunity seekers

• A curated directory of budding talent built specifically for affiliated advisors to connect and engage with candidates directly throughout the year

• An invitation for partner universities and their students to join Commonwealth at its National Conference, October 11–14, 2023, in Aurora, Colorado. The students will interface directly with the advisor community, have the opportunity to network with other students and staff, and leave with competitive offers for internship and employment opportunities

• A robust internal development track that provides education, training, and resources to new hires as they accept opportunities with Commonwealth advisors and begin their careers

Commonwealth’s valued partner universities currently include Bentley University, Texas A&M, Texas Tech, Virginia Tech, the University of Akron, Temple University, Bryant University, Delaware State University, and Utah Valley University.

Israel added, “Through our pilot program with Bentley University last year, Commonwealth supported connections that led to meaningful work opportunities for students in the Greater Boston area. We are committed to finding a solution to the succession planning concerns the industry faces. And we support our advisors and honor their legacies by ensuring that their clients have access to the next generation of independent advice from those with a vested interest in their long-term success.”

About Commonwealth Financial Network^®

Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 10 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California. Learn more about how Commonwealth partners with more than 2,100 independent financial advisors overseeing more than $242.9 billion² in assets nationwide by visiting www.commonwealth.com.

Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012, 2013, 2014, and 2018‒2023 U.S. Financial Advisor Satisfaction Studies. Presented on July 5, 2023, for December 2022 to April 2023, it is based on responses from 4,183 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm’s future performance. Your experience may vary. Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit jdpower.com/awards for more details.

¹ According to InvestmentNews’ 2023 Independent Broker-Dealer Survey

² As of 12/31/2022

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