Commonwealth Financial Network
Registered investment adviser · Waltham, MA · CRD #8032
Form ADV data as of 2026-09-01Regulatory assets
$212.66 billion
Total accounts
615,215
Employees
4,200
Disclosure events
11
Firm details
- Website: https://giphy.com/channel/commonwealthfn
- Telephone: 781-736-0700
- SEC file number: 801-41541
- Most recent Form ADV filing: 2026-05-19
- SEC record: View this firm on the SEC's IAPD site
Disciplinary disclosures
This firm reports 8 disclosure questions answered Yes, covering 11 reported events. Form ADV Item 11 covers charges and pending proceedings as well as findings, so a Yes answer is not itself a finding of wrongdoing. The underlying detail is filed with the SEC.
- Charged with a felony (past 10 years)
- SEC or CFTC found a false statement or omission
- SEC or CFTC found a violation of its regulations or statutes
- SEC or CFTC entered an order in connection with investment-related activity
- SEC or CFTC imposed a civil money penalty or a cease-and-desist order
- Another regulator found a violation of investment-related regulations or statutes
- Another regulator entered an order in connection with investment-related activity (past 10 years)
- A self-regulatory organization found a violation of its rules
Assets and accounts
| Provides continuous and regular supervisory or management services | Yes |
| Discretionary regulatory assets under management | $207.63 billion |
| Non-discretionary regulatory assets under management | $5.03 billion |
| Total regulatory assets under management | $212.66 billion |
| Discretionary accounts | 598,423 |
| Non-discretionary accounts | 16,792 |
| Total accounts | 615,215 |
| Regulatory assets under management attributable to non-U.S. persons | $399.8 million |
People
| Total employees (excluding clerical) | 4,200 |
| Employees performing investment advisory functions (including research) | 2,650 |
| Employees who are registered representatives of a broker-dealer | 2,600 |
| Employees registered as investment adviser representatives with a state | 2,950 |
| Employees registered as IARs for another investment adviser | 120 |
| Employees who are licensed insurance agents | 2,300 |
| Firms or persons who solicit advisory clients on the firm's behalf | 180 |
Custody
| Has custody of client cash or bank accounts | Yes |
| Has custody of client securities | Yes |
| Client funds and securities held in the firm's custody | $21.14 billion |
| Clients for whom the firm has custody | 23,770 |
| A related person has custody of client cash or bank accounts | No |
| A related person has custody of client securities | No |
| The firm acts as a qualified custodian | No |
| A related person acts as a qualified custodian | No |
| Number of persons acting as qualified custodians for the firm's clients | 3 |
How the firm is compensated
Advisory services offered
Other business activities
Affiliated related persons
Reported conflicts of interest
Form ADV Items 8 asks advisers to disclose arrangements that may create a conflict with client interests. This firm answered Yes to:
- Buys or sells for itself securities it also recommends to clients
- Recommends brokers or dealers to clients
- Brokers or dealers recommended under 8.E. are related persons
- Compensates a non-employee for client referrals
- Provides employee compensation specifically for obtaining clients
- Receives compensation from others for client referrals
Client types
| Type of client | Clients | Assets |
|---|---|---|
| Individuals (other than high net worth individuals) | 314,099 | $93.62 billion |
| High net worth individuals | 41,874 | $108.69 billion |
| Pension and profit sharing plans (not the participants or government plans) | 1,207 | $1.95 billion |
| Charitable organizations | 405 | $1.08 billion |
| State or municipal government entities (including government pension plans) | 300 | $3.20 billion |
| Corporations or other businesses not listed above | 2,603 | $4.13 billion |