West Des Moines, IA S 50th St. Office
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Commonwealth Financial Network
Enterprise
Firm-wide stats for Commonwealth Financial Network
About
Commonwealth Financial Network is a dual‑registered broker/dealer and SEC‑registered investment adviser that serves a national network of approximately 2,900 affiliated advisors and hundreds of thousands of individual and institutional clients, managing roughly $212.7 billion in client assets. The firm offers a broad adviser‑support platform that includes discretionary and nondiscretionary managed‑account programs (PPS Custom, PPS Select, PPS Direct), access to third‑party asset managers, retirement and plan consulting, and custody/clearing services.
Advisors work with clients to define goals and risk tolerance and may implement portfolios using Commonwealth’s internally managed model portfolios (Investment Management and Research team) or by outsourcing execution and model implementation to third‑party platforms and subadvisers (for example, Envestnet, SEI, and Orion). Commonwealth acts as a wrap‑fee program sponsor and back‑office provider—covering trading, reporting, and householding—while offering a mix of mutual funds, ETFs, individual securities, annuity subaccounts, and personalized indexing and tax‑aware options.
Noteworthy aspects disclosed in the firm’s brochure include its acquisition by LPL Financial Holdings, Inc. on August 1, 2025 and recent regulatory matters, including a March 2026 SEC judgment that resulted in a $5,000,000 civil penalty and earlier SEC enforcement related to mutual fund share‑class disclosures. The firm also discloses material conflicts arising from its clearing and sweep arrangements—notably revenue‑sharing with its clearing firm—and a range of advisor compensation and transition incentives (administrative‑fee discounts, graduated payouts, and forgivable loans) that can affect program availability and recommendation incentives.
Based on Commonwealth Financial Network
Expertise
Based on Commonwealth Financial Network
Location
875 S 50th St.
West Des Moines IA 50265
Advisors at this office
4
Advisors at this office
Richard R
ChFC®, Series 63, Series 65
West Des Moines, IA
Commonwealth Financial Network
Richard Rainforth is a financial advisor with Commonwealth Financial Network in West Des Moines, IA. He holds the ChFC® designation and Series 63 and 65 licenses, with 25 years of industry experience. His prior roles include positions at Generation Strategies, LLC, Hanson & Rainforth Financial Group, Eagle Strategies Corp., and New York Life. Commonwealth Financial Network serves a national network of approximately 2,950 advisors and their retail and institutional clients, providing a variety of advisory programs and support services including wealth management, retirement plan consulting, and access to third-party asset managers. The firm offers advisors discretion in portfolio construction and manages model portfolios through its Investment Management and Research team.
Carter M
Series 63, Series 66
West Des Moines, IA
Commonwealth Financial Network
Carter Mallett is a financial advisor with Commonwealth Financial Network, holding Series 63 and Series 66 licenses and five years of industry experience. His prior roles include positions at Eagle Strategies, New York Life, and Charles Schwab. He is also the owner of Mallett Financial, LLC, a private entity facilitating securities, advisory, and insurance business. Commonwealth Financial Network serves a national network of approximately 2,950 advisors and their retail and institutional clients, offering a variety of advisory programs and services. The firm provides operations, trading, technology, investment management, compliance, and practice-management support, enabling advisors to construct client portfolios from a broad range of securities and insurance products.
Randall S
CFP®, ChFC®, Series 63
West Des Moines, IA
Commonwealth Financial Network
Randall Schmailzl Jr. is a CFP® and ChFC® with 22 years of industry experience, currently affiliated with Commonwealth Financial Network. His prior roles include positions at Generation Strategies, LLC, Eagle Strategies (NY Life), and New York Life Insurance Company. He serves as treasurer of Echo Valley Professional Group, a networking organization in West Des Moines, IA. Commonwealth Financial Network is a registered investment adviser supporting a national network of approximately 2,950 advisors, providing a range of advisory programs and operational support. The firm offers discretionary model portfolios and multiple program structures designed to accommodate diverse client needs.
Joshua E
Series 63, Series 65
West Des Moines, IA
Commonwealth Financial Network
Joshua Ervasti is a financial advisor with Commonwealth Financial Network, holding Series 63 and Series 65 licenses and bringing 15 years of industry experience. He has worked at firms including New York Life, Eagle Strategies, and R2 Financial Strategies, where he is a co-owner. Outside of advisory work, he is involved in business consulting through his firm, Ervasti Financial, LLC. Commonwealth Financial Network serves a national network of approximately 2,950 advisors and their clients, providing a range of advisory programs and back-office support. The firm offers discretionary model portfolios and multiple program structures, combining investment management, technology, and compliance services for affiliated advisors.
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