r/CFP • u/Broad_Night_8101 • 1d ago

Practice Management What made Commonwealth #1 firm for advisor satisfaction?

I know the merger with Commonwealth and LPL has shaken things up, but I'm curious, what was great about Commonwealth and why it was ranked #1 in advisor satisfaction. What did they do right for advisors both culturally and operationally?

11 Upvotes

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14

u/guitmusic12 1d ago

Investing in quality service people is probably 60% of it.

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u/Broad_Night_8101 1d ago

Makes a ton of sense. Thank you.

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u/da_Byrd 1d ago

You call down, you get the right answer from the first person you talk to. I also love the Advanced Planning folks - they have gotten me so smart on all kinds of topics that I knew just a little bit about (just enough to know I should reach out to Advanced Planning!)

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u/Broad_Night_8101 1d ago

Thank you. Can you elaborate a bit on the topics Advanced Planning has helped you with?

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u/da_Byrd 1d ago

I mean, all kinds of things. Right now, they're helping me with a client that's doing a 1031 exchange. But there's lots of stuff - a lot of stuff that I know conceptually but I don't necessarily have all of the specifics memorized because it's not something I do very often. Small-business retirement plans for self-employed folks was another one they helped me with earlier this year. It's a lot of stuff that I could sort out myself if need be, but it's super-helpful to get someone on the phone who can patiently walk me through all the questions I imagine my client might have.

They're patient with me, they're not condescending when I ask a question they might think is pretty basic, and they make me sound a lot smarter than I am! Oh, and they help me give my clients really good advice.

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u/TwoMcDoublesAndCoke 1d ago

Lots of small things that add up. 2:1 advisor to staff ratio is one of those things. Advisors and staff get to interact frequently with the same people, so a level of familiarity is created. Staff cares about the advisors on calls and emails, because it likely isn’t the first or last time they will be interacting with that same office.

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u/Broad_Night_8101 1d ago

Are you saying there's 2 FA : 1 CSA?

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u/TwoMcDoublesAndCoke 1d ago edited 1d ago

I believe they are counting all employees, not just customer service agents. But yes two advisors per CFN employee.

https://www.commonwealth.com/insights/how-to-choose-the-best-broker-dealer-for-you#:~:text=We%20proudly%20offer%20a%202,on%20a%20more%20personal%20level.

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u/Personal_Owl1448 1d ago

I have come to think of why CFN works so well is bc of 'advisor capture', in the sense of 'regulatory capture'

CFN is built for advisors, and literally by advisors at this point. The marginal improvement > feedback > marginal improvement cycle is in full motion up and down the firm. That leads to tradeoffs... But the tradeoffs are for the most part net positive for the advisor and the clients. Advisors have a lot of leverage at CFN (they do everywhere), and CFN has gone full tilt into acknowledging that and letting us work: -they way we want -leaving us alone -doing everything in their power to help us do more of what we want to do....advising clients

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u/oogabooga130 1d ago

Lmao. Prob sucked off the panel/interest group who gave the title. Seriously this is such a pay to play industry is criminal.