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Commonwealth Financial Network

Engaged Employer

Commonwealth Financial Network reviews

3.8

57% would recommend to a friend

(128 total reviews)

Wayne Bloom

54% approve of CEO

37% positive business outlook

Reviews by job title

128 reviews

Reviews about "Compensation"

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1.0
Oct 29, 2023

Employees last, growth first

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

The majority of people are generally some of the nicest people out there.

Cons

Imagine working with your FTE colleagues from New Jersey, Rhode Island, Texas, Florida, and other states who all have work from home exceptions, but because you’re in MA or near San Diego, you have to be in the office 3 days a week for arbitrary reasons. I’m not against coming into the office each week, but with how much this is being micromanaged, it’s insane, belittles previous accomplishments, and is making people feel sick. Wayne, the CEO has nothing better to do than check employee attendance non-stop and micromanage the most minute details, such as forcing employees to fill out their biography on the internal site, or having them remove jackets from their chairs. Working in Technology requires flexibility when dealing with the unexpected, and we’ve been beyond flexible for the last 3+ years despite the numerous challenges, performing work after normal business hours, putting out fires, dealing with incompetence from Advisor360, and staying up late to perform changes. If you want us to waste hours commuting that’s fine, however, the employees in other states then need to handle everything after hours, so we’re setting a fair standard across the department. If I get in a car and spend an hour in traffic each way into the office, my day is done when I get home, and that’s not just me saying this, but I’ve heard this from many other IT people. The company may have pulled off the biggest scam of all time with the new performance/merit review system they put in place this year, so they can pay employees less in the long run. For most employees, the yearly bonus is reduced by half, as it’s based on a service score number that could take years to achieve again. Most normal employees received a 10% increase at the beginning of the year to compensate for the new bonus system, but when pay is already on the lower end across the board, inflation is high, and now there are additional commuting costs, it feels terrible. Chances are the company is not going to properly adjust pay in the new year, and a lot of people they are going to make less with these factors. If you’re reading this and are interested in any position within Technology, stay away, unless you’re given a golden ticket to work from home full time. That way you won’t be exposed to the toxicity of the CEO in person or the decaying culture of the company. Many tenured employees have left the company this year to no surprise, and everything is just becoming a shell of what it once was.

5.0
Oct 17, 2023

Great place to work

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

I’ve been here for over two years now and can say this is the best employer I’ve ever worked for. Many roles at Commonwealth, mine included, are very client facing. Commonwealth does two things that make being client facing very pleasant - they don’t let jerks become clients, and they always try to do the right thing for their clients. I also appreciate the transparency in how the company is doing, my coworkers are all very competent, and my boss is very fair. I also feel fairly paid and the benefits are good. Work life balance is awesome

Cons

It can be hard to move up at Commonwealth because there aren’t many management roles A large part of your salary comes from your bonus, a big part of which is based on client satisfaction, and you don’t have much control over that.

3.0
Aug 2, 2023
Recommend
CEO approval
Business Outlook

Pros

The culture is amazing. Fun company events. Nice downtown San Diego location. Depending on the department you’re in, you can learn a lot about the industry. They will pay for your licenses. You get tuition reimbursement, 401k matching and stocks. Everyone is really encouraging and supportive. Great starting role for someone new to the industry.

Cons

Pay should be more competitive. You’re fully vested on your 401k after 4 years. You have to pay for parking for the downtown location. There could be more diversity in the company especially in top management positions. Medical insurance could be better. Some advisors and their offices can be rude and demanding sometimes treating you as if you work for them. For this position you are always on the phone which can be tiring especially on busy seasons. CEO is mandating people to report to offices 3 days instead of 2 but downsized the San Diego office to one floor with not enough desks for everyone. Frankly, it doesn’t make sense. Most employees can conduct their job responsibilities and duties more efficiently and happier at home. We got through the whole pandemic working remote and everyone was happy and our numbers were still good. We’ve continued to receive awards for our great service to advisors. I don’t understand the fixation with forcing people to commute to work and literally do the same thing they can do at home. You have to spend on gas, $150+ a month on parking. You should empower your employees to decide what work scenario works for them.

Viewing 31 - 33 of 128 Reviews

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