| Joseph Deitch founded Commonwealth in 1979 as an outgrowth of his retail financial planning practice, The Cambridge Group. Previously, he had been a representative with another broker/dealer. When that firm’s credibility was undermined by conflicts of interest stemming from its own proprietary products, he decided to start a new broker/dealer.
Back in 1979, there weren’t as many viable independent B/Ds to choose from as there are today, so the original business plan assumed that other disenfranchised financial planners would see Commonwealth as a breath of fresh air.
It took awhile. While a growth rate that doubles every year sounds impressive, it means little when you have only two representatives.
Eventually, the numbers became meaningful. We started to prosper, adopting the Commonwealth name in 1981 to reflect our desire to foster the common good of our employees and representatives.
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