Advent's parent buys Salentica to bolster Black Diamond CRM

Commonwealth has an edge in the independent space with only 10% of it revenues being in commissions. The entire industry is moving from transactions to fee for services including the major custodians who are being drawn into fiduciary liability. As prudent experts trade execution cost in excess of zero represents fiduciary liability recoverable through litigation. The principle added value is not the clerical function of trade execution but prudent process (asset/liability study, investment policy, portfolio construction, performance monitor) authenticated back to objective, non-negotiable fiduciary criteria, which puts financial services back into the financial services business. SCW