Commonwealth Financial Network, the long standing independent broker/dealer which has been transformed into a national RIAannounced this week its latest rollout of tools and services for advisors following its national conference earlier this month.
Among these are changes to the Commonwealth's outward investment platform, Select Preferred Wallet Serviceswhich has more than 100 model portfolios and is used, according to the firm, by two-thirds of its 2,200 advisers.
As part of these updates, the firm will introduce fully integrated custom indexing in 2025, which will augment its existing live indexing tools within PPS Select.
Another addition to PPS Select for next year will be tax transition, where advisers can set a tax budget and then switch accounts to any PPS Select model or to custom indexing over time.
There will also be a tax overlay service for each PPS Select model that will enable automated tax loss collection.
Commonwealth will also create a unified managed account structure in which advisers can combine multiple PPS Select models and third-party managers into a single account.
On the technology front, the firm will begin offering what it's calling “CTO Services,” outsourced IT support that will include hardware management, antivirus, network and telecom services for consultants.
“As a concierge offering, our new CTO services will help them scale efficiently and be more productive without headaches. It's something we've studied carefully — both what has worked and what hasn't in the industry — and we're excited to share it with our community,” said Chris Blotto, SVP, chief digital and information officer, in the firm's announcement. .
The Commonwealth, which was founded in 1979, has has long been known for strong technology offerings for advisors and currently oversees more than $296 billion in assets.