Commonwealth Financial Network, which boasts one of the largest fleets of high-end independent advisers, is instituting new rewards for enriching the firm.
It plans to increase the payout to advisers with more than $50 million of assets under management, Commonwealth announced on Wednesday. Advisers will get a bump up of 2% at every production level between $50 million and $500 million in assets under management. After that point, the raises are to be 3%.
Under its preferred-portfolio services, the Waltham, Mass., independent broker-dealer also plans to chop ticket charges in half for online orders of individual stocks and exchange-traded funds, for fee-based assets.
"We've achieved economies of sale, and we are rewarding the advisers," said CEO Wayne Bloom.
