Commonwealth Financial Network, the longtime independent broker/dealer that has transitioned into a national RIA, announced this week the latest rollout of tools and services for advisors following its national conference earlier this month.
Among these are changes to Commonwealth’s outsourced investment platform, Preferred Portfolio Services Select, which has more than 100 model portfolios and is used, according to the firm, by two-thirds of its 2,200 advisors.
As part of these updates, the firm will be introducing fully integrated personalized indexing in 2025, which will augment its existing direct indexing tools within PPS Select.
Another addition to PPS Select for next year will be tax transition, whereby advisors can set a tax budget and then transition accounts to any PPS Select model or to personalized indexing over time.
There will also be a tax overlay service for any PPS Select model that will enable automated tax-loss harvesting.
Commonwealth will also roll out a unified managed account structure in which advisors can combine multiple PPS Select models and third-party managers into a single account.
On the technology front, the firm will begin delivering what it is calling “CTO Services,” turnkey outsourced IT support that will include hardware management, antivirus, networking and telecom services to advisors.
“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’s worked and what hasn’t worked in the industry—and are thrilled to roll it out to our community,” said Chris Blotto, SVP, chief digital & information officer in the firm’s announcement.
Commonwealth, which was founded in 1979, has long been known for its strong technology offerings to advisors and currently oversees more than $296 billion in assets.
