WALTHAM, Mass.--(BUSINESS WIRE)--Commonwealth Financial Network® announces the launch of Commonwealth Cares Fund Inc., a 501(c)3 charity and a foundation for community. Commonwealth CaresSM will maximize the impact of the firm’s many and varied efforts to give back to the communities in which its home office staff and its network of advisors work in, live in, and visit. Operational and administrative expenses for the foundation are borne by Commonwealth Financial Network, so one-hundred cents on every dollar contributed goes directly to those in need.
Commonwealth Cares provides contributions of time, talent, and financial support to a wide range of charitable efforts aimed at relieving human suffering, promoting social and economic growth, and sustaining and protecting our planet’s resources.
“Commonwealth Cares will power all of our future corporate philanthropic efforts and will bring together Commonwealth management, advisors, home office staff, clients, friends, and families in a consolidated effort to make a difference in the lives of people in need,” said Commonwealth CEO Wayne Bloom.
In conjunction with the foundation’s introduction, Commonwealth Cares announced its first firm-wide initiative, Chemo Caps for Kids—a program providing hand-knit hats for children undergoing cancer treatment. The project started informally in 2009 when a group of employees joined together to support a colleague whose son was receiving treatment for a brain tumor. Interest grew, and in 2010, Chemo Caps for Kids donated more than 250 hats to Boston’s Dana-Farber Pediatric Cancer Unit. The goal in 2011 is to donate 1,000 hats to hospitals in the Boston and San Diego areas.
The foundation will also support advisors’ charitable efforts, as well as the giving back initiatives held at each of Commonwealth’s conferences. At the firm’s recent National Conference, attendees joined together to refurbish a busy community shelter, including renovating both the interior and exterior, cleaning and repairing the lounge and kitchen, painting murals, gardening, and sprucing up the children’s outdoor play areas with new mulch and picnic tables.
“We have set the groundwork for Commonwealth Cares to make a real impact on our social, economic, and environmental landscape,” said Bloom. “I’m excited to see what amazing things this foundation will accomplish.”
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, and a registered investment adviser, is the nation’s largest, privately held independent broker/dealer, with headquarters in Waltham, Massachusetts, and San Diego, California. Commonwealth was ranked “Highest in Independent Advisor Satisfaction among Financial Investment Firms” by J.D. Power and Associates. The firm supports more than 1,400 independent registered representatives nationwide and makes available a comprehensive array of financial products and services. For more information, please visit www.commonwealth.com.
Commonwealth Financial Network received the highest numerical score in the independent advisor segment in the proprietary J.D. Power and Associates 2010 Financial Advisor Satisfaction StudySM. Study based on 2,863 total responses and measures overall financial advisor satisfaction among advisors registered with the Financial Industry Regulatory Authority (FINRA) investment firms. Proprietary study results are based on experiences and perceptions of financial advisors surveyed in February–June and July–August, 2010. Your experiences may vary. Visit jdpower.com.