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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
Apr 26, 2024

Horrible place to work!!

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

The benefits aren't terrible but not great. "Work/life balance" used to exist but now most departments are severely understaffed and there's no choice but to work overtime. There's a snack room with free snacks but the quality of snacks has gone downhill, just like the company.

Cons

Where to start on the downfall of CFN? After hearing for years how well we're all doing working from home during the pandemic we were told by Wayne Bloom that the reason we didn't make the service score is because we're all working from home. No mention of how awful the technology has been, which is apparent in the daily Advisor Feedback where advisors consistently complain about the horrible technology due to the poorly planned spinoff of Advisor 360. Our work from home policy later turned into 3 days in the office no matter what, with no flexibility to that rule - the company would rather us use PTO than work from home when we're sick. Not to mention, Wayne sits in his office counting badge swipes to make sure we're following this stupid rule. After changing the yearly review process and claiming to give employees more money with a 10% raise, CFN has made bonuses unattainable. Inflation is at an all time high and this company thinks it's perfectly fine to give their employees a 3% raise and a 4% bonus? A 4% bonus isn't even the equivalent of a paycheck for 2 weeks after taxes get taken out. It's an insult to your employees who consistently work hard every single day to make this company run smooth and we get slapped in the face by getting poorer in this economy. Meanwhile, the c-suite is filling their pockets and blaming the worker bees for us not attaining our bonus goals. It's unbelievable. It's truly a disgrace. And they're doing this all so that they can save some money with their ridiculous 1 trillion goal of AUM. Worse yet is that this company isn't taking care of their employees or replacing ones who have quit for better opportunities at new companies leaving many departments severely understaffed. People are leaving in astronomical numbers, people that have been with the company for years and are in an incredibly high position are leaving. If that doesn't tell you to run, I'm not sure what will. This company used to constantly promote from within and actually develop their employees. Meanwhile, an incredible employee within the finance department was constantly turned down for promotions for years and not given any good reason for it. Despite the lack of growth offered to her, she still worked hard and finally left this company for a better job elsewhere last month. That department is so severely understaffed that every single person is miserable and upper management is doing nothing to help fill the void she left. This company is letting their best employees walk out the door and doing nothing to ease the burden off their other employees.

4.0
Apr 9, 2024
Recommend
CEO approval
Business Outlook

Pros

The pay is competitive, the employees are awesome, and the office space is nice.

Cons

Limited growth opportunities, and management is a bit disorganized.

1.0
Apr 8, 2024

Get Out While You Can

Recommend
CEO approval
Business Outlook

Pros

Free Snacks(though they've steadily declined in quality) Wonderful benefits that only kick in after 3 years *full time* employment(sorry contractors, your conversion doesn't count!) Pay is good in tech, not so much elsewhere.

Cons

The issues with Commonwealth are all over the place. CEO forcing return to office despite managers, directors, and VPs agreeing "our teams work best when remote". Your coworkers are either remote or in another state, so you'll end up on video calls anyways, struggling to hear yourself above everyone else calls around you. Execs are constantly talking about 'building culture' , but there's nothing to show for it. Employees have no time to attend anything during work hours and no energy to attend anything afterwards. Stock options are no longer given to all employees meeting their work expectations, just the top 3 per department, despite management advocating against this policy. The annual bonus has gone from 15-20% to ~5%. They tried to disguise this by splitting what we used to get into 2 additional bonuses throughout the year tied to customer satisfaction levels, ignoring that those levels will never be hit due to chronic understaffing and overpromising to clients. Some departments used to have multi-month training plans that are getting cut down to weeks, and clients can tell. With all of this, Commonwealth has continued to drain itself of talent as people see the writing on the wall. Their most recent Employee Survey had no room to provide criticism/improvement, a stark change from prior years' surveys.

Viewing 22 - 24 of 128 Reviews

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