Commonwealth Financial Network primarily uses National Financial Services (Fidelity) for custodial services for its approximately $270 billion in assets. However, the firm can accommodate outside custodians, such as Schwab, upon advisor requests. 

CEO Wayne Bloom stated in an interview with WealthManagement.com that the company plans to expand its custodial relationship with Schwab next year significantly. Under the "Entrepreneurial Capital 2.0" initiative, advisors can choose between top-line or bottom-line deals, and Commonwealth may become more involved in strategy, including conducting in-depth assessments and potentially acting as a board member. 

The firm has expanded its potential buyer and seller pool by establishing a new partnership with Succession Link, a wealth management firm matchmaking service. Commonwealth advisors now have more affordable access to Succession Link's platform, allowing them to explore internal and external practices interested in buying or selling. This initiative aims to help smooth transactions for advisors looking to exit and assist advisors seeking growth opportunities by acquiring assets and practices already on the platform.

Commonwealth is also pursuing a multi-custodial approach to emphasize the RIA and fee-only channel, with approximately 90 percent of asset flows now being fee-based. Around 250 Commonwealth advisors have completely transitioned away from their Series 7 FINRA license, with the majority choosing to work under Commonwealth's corporate Form ADV. A smaller group of about two dozen advisors have registered their own RIA while using Commonwealth's suite of services to support their businesses.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.