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Commonwealth Monetary Community this week introduced the outcomes of its 2023 recruiting effort, revealing that it onboarded some 292 advisors to each new and present practices throughout the nation in the course of the yr.
These advisors have been accompanied by a complete of $15.9 billion in shopper property, a rise of almost 42% in comparison with 2022’s earlier document recruiting yr. In a brand new interview with ThinkAdvisor, Becca Hajjar, managing principal and chief enterprise improvement officer at Commonwealth, stated the combat was already on to attain yet one more document in 2024.
“In fact we wish to three-peat,” she joked. “I imagine we will get there.”
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As Hajjar emphasised, the typical property of advisors who joined affiliated companies elevated almost 34% in 2023, representing sturdy development throughout Commonwealth’s neighborhood of unbiased companies and an elevated curiosity in supporting advisors who select to hitch present companies. Particularly, Hajjar identified, advisors who joined present practices have been answerable for near $820 million of the general recruited property.
The agency noticed continued momentum from advisors searching for to hitch 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 property.
“As soon as once more, most property recruited final yr have been fee-based, a direct results of the transformation unfolding throughout the trade,” Hajjar stated. “One other fascinating and associated truth is that, of the advisors who joined us in 2023, there was an 18% enhance within the prevalence of CFPs.”
In an announcement in regards to the outcomes, Commonwealth CEO Wayne Bloom stated he sees the agency’s future as being “notably vivid.”
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