The Commonwealth Financial Network—the nation’s largest privately held independent RIA-broker/dealer firm dedicated to providing financial advisors with holistic, integrated business solutions—announced the expansion of its in-house investment management platform, PPS Select.
According to the firm’s announcement, the expanded model platform empowers Commonwealth’s advisors to deliver on their client’s investment goals, while gaining scale and efficiencies in their advisory practices. With PPS Select, advisors can lean on Commonwealth’s investment expertise across more than 100 diversified model portfolio solutions, simplifying the investment management process.
“PPS Select reflects our ongoing investment in and commitment to products that remove complexities for advisors,” stated Brad McMillan, managing principal and chief investment officer at Commonwealth. “By outsourcing investment-related tasks, our advisors are able to focus more on delivering competitive, consistent results to their clients. The newest iteration of PPS Select provides advisors with even greater choice, control, and flexibility.”
As the newest offering, PPS Select Compass allows advisors to retain control over client portfolio construction while outsourcing due diligence, ongoing monitoring, and operational functions to Commonwealth’s experts. It also provides advisors access to a range of diversified sleeve portfolios, from passive and active to tax-aware, as well as alternatives and sustainably focused solutions, the announcement notes.
“Every client has a ‘sweet spot’ where return, risk, diversification, liquidity, and values converge,” added Brian Price, managing principal, investment management and research. “PPS Select Compass seeks to transform advisors’ ability to deliver competitive, customized investment management to clients at scale. Ultimately, advisors have greater control and flexibility than ever to help effectively meet their clients’ goals while gaining more time to spend enhancing client relationships.”
In fact, for advisors leveraging PPS Select, average production growth from 2019 to 2022 was higher than those who opted to retain full control of investment management responsibilities. According to the firm, advisors who outsourced to PPS Select grew their production 36% in those three years, compared to 29% for those who didn’t use the program.
Privately held since 1979, the firm has headquarters in Waltham, MA, and San Diego, CA, and partners with more than 2,100 independent financial advisors overseeing more than $243 billion in assets.
