Commonwealth Financial Network
Commonwealth Financial Network is a large registered investment advisor and broker-dealer that operates as a "back office" supporting thousands of independent financial advisors across the United States. Founded in 1979 and acquired by LPL Financial Holdings in 2025, Commonwealth provides advisors with operational support, trading infrastructure, research, compliance, and technology. Through its network of advisors, Commonwealth offers a wide variety of investment management programs, including personalized custom portfolios, model portfolios managed in-house or by third parties, separately managed accounts, and unified managed accounts. In addition to investment management, advisors affiliated with Commonwealth offer wealth management consulting, retirement plan consulting, financial planning, and various specialized consulting services. Clients invest in a broad range of securities such as stocks, bonds, mutual funds, exchange-traded products, options, alternative investments, and insurance products. Most client accounts are cleared and custodied through National Financial Services LLC, an affiliate of Fidelity Institutional.
Fee Structure
Portfolio-Based Fees (Tiered)
| Portfolio Value | Annual Fee |
|---|---|
| Up to $750K | 2.25% |
| $750K - $1.0M | 2.00% |
| $1.0M - $2.0M | 1.75% |
| $2M+ | 1.50% |
Fees are negotiable. Schedule represents maximum allowable annual management fees for PPS Custom programs. Other programs like PPS Select and PPS Direct have separate advisor and program fee schedules.
