"As founders and CEOs of their firm, incoming advisors to Commonwealth are finally empowered to assume full control of their business decisions," says Matt Chisholm, senior vice president, RIA services and practice management, at Commonwealth. "While this is an exciting time for them professionally, we know they'll need support to ensure a smooth transition into the independent world. Our Business Consulting Services suite will provide both a soft landing and a launchpad for advisors, their staff, and their clients."

With a growing number of advisors leaving the wirehouse channel to pursue independence, Commonwealth recognized that the needs of first-time business owners required a bespoke approach, in addition to dedicated transition support. Working in lockstep with Commonwealth's Transition team, the Business Consulting Services team creates a customized array of support services based on the advisor's needs and vision for growth. Advisors can maintain, enhance, and grow their business by choosing from à la carte services that include real estate, legal, finance, marketing, human resources, investments, operations, technology, and risk management.

"Advisors don't all come in with the same needs, so we knew we couldn't offer a one-size-fits-all service," says Chisholm. "With Business Consulting Services, we're giving incoming wirehouse advisors the power of choice and control over how they bring their business over—and how they grow going forward—during this important part of their evolution."

Commonwealth continues to offer its community of existing advisors guidance and coaching programs for growing scale and capacity, evolving their firms, and more, while adding Business Consulting Services to address the unique needs of incoming wirehouse advisors who are navigating first-time business ownership.