Commonwealth Financial Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, and educational seminars. Financial planning was provided to 1–10 clients last fiscal year.
Commonwealth Financial Services reports 2,271 clients. They include 1,990 individual clients, 226 high-net-worth individuals, and 24 corporations and other businesses. Of its assets, 98.2% ($977M across 4,792 accounts) are managed with discretion; $17.6M across 211 accounts are not. A wrap fee program the firm both sponsors and manages holds $832M. Of its clients, 1% are outside the U.S. It advised 1 client without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 88% | 50% |
| High-net-worth individuals | 10% | 47% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | 1% | 1% |
| Other client typesOther | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 1,990 | $499M | 50.1% | $251K |
| High-net-worth individuals | 226 | $472M | 47.4% | $2.09M |
| Pension and profit-sharing plans | 13 | $4.45M | 0.4% | $342K |
| Charitable organizations | 9 | $1.29M | 0.1% | $143K |
| Corporations and other businesses | 24 | $12M | 1.2% | $499K |
| Other | 9 | $6.59M | 0.7% | $733K |
| Total | 2,271 | $995M | 100% | $438K |
- Clients
- 1,990
- Regulatory AUM
- $499M
- AUM share
- 50.1%
- Avg. per client
- $251K
- Clients
- 226
- Regulatory AUM
- $472M
- AUM share
- 47.4%
- Avg. per client
- $2.09M
- Clients
- 13
- Regulatory AUM
- $4.45M
- AUM share
- 0.4%
- Avg. per client
- $342K
- Clients
- 9
- Regulatory AUM
- $1.29M
- AUM share
- 0.1%
- Avg. per client
- $143K
- Clients
- 24
- Regulatory AUM
- $12M
- AUM share
- 1.2%
- Avg. per client
- $499K
- Clients
- 9
- Regulatory AUM
- $6.59M
- AUM share
- 0.7%
- Avg. per client
- $733K
Total
- Clients
- 2,271
- Regulatory AUM
- $995M
- AUM share
- 100%
- Avg. per client
- $438K
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 1
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1–10
Commonwealth Financial Services charges up to 2.00% a year for its Asset Management Services Program. The fee is billed in advance. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning and Consulting
- Financial planning and consultation are billed hourly at up to $750 or more, as a flat fee of up to $15,000 or more, or as a retainer of up to 2% of assets.
- Participant Retirement Program
- Participant Retirement Program accounts pay a maximum annual management fee of 2%, of which up to 0.25% is retained for administrative services.
Michael Seese owns 50% to 75% of Commonwealth Financial Services. Shanell Jeffrey is CEO; the leadership team includes Chief Investment Officer Daniel Spurgeon and Chief Compliance Officer Matthew Rothchild. It has 26 employees, 13 of them in advisory roles.
Leadership
Shanell JeffreyChief Executive Officer, Partner- Matthew RothchildChief Compliance Officer
Tyler BrautiganShareholder, Financial Advisor
Michael SeeseCo-Founder / Owner, CAO, & Financial Advisor- Daniel SpurgeonPartner, Chief Investment Officer, Financial Advisor
Investment adviser representatives
15 representatives listed in the SEC register as of 9 October 2026.
Staff
- 26 employees
- 13 in advisory functions
- 15 state-registered reps
- 9 insurance agents
- 6 soliciting firms
- Owns 50% to 75% of Commonwealth Financial Services, LLC.
Michael Seese
Control person · since April 2023
- Owns 25% to 50% of Commonwealth Financial Services, LLC.
Daniel Spurgeon
Control person · since April 2023
- Owns 5% to 10% of Commonwealth Financial Services, LLC.
Shanell Jeffrey
Control person · since December 2024
Commonwealth Financial Services’ regulatory assets grew 1.9× from $533M (June 2023) to $995M (August 2026); clients fell from 3,693 to 2,271 and employees rose from 24 to 26.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $995M | 2,271 | 26 | 5 |
| June 2025 | $775M | 2,136 | 26 | 5 |
| July 2024 | $650M | 2,306 | 25 | 5 |
| June 2023 | $533M | 3,693 | 24 | 6 |
Besides its headquarters, Commonwealth Financial Services has 4 offices, with 5 listed addresses in Ohio and West Virginia.
Ohio · 3 listed addresses
- 507 Richland Avenue, Athens
- 166 S Main Street, Woodsfield
- 326 3rd Street, Marietta
West Virginia · 2 listed addresses
- 373 Timberline Parkway, ViennaHQ
- 21 Warden Run Road, Wheeling
Contact and registration details
- Legal name
- Commonwealth Financial Services, LLC.
- Headquarters
- 373 Timberline Parkway, Vienna, WV 26105
- Website
- cfswv.com
- Phone
- 304-422-3531
- SEC file
- 801-127499
- Structure
- West Virginia LLC
- Fiscal year end
- December
Commonwealth Financial Services uses Charles Schwab ($723M, 75%) and Fidelity ($236M, 25%) as custodians for its separately managed accounts. Commonwealth Financial Services has custody of $291M in client assets for 1,317 clients.
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $236M25%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $723M75%
At year end, Commonwealth Financial Services’ separately managed accounts were mostly in funds (76%) and stocks (15%). Its reported 13F holdings for the quarter ended 30 June 2026 total $744M across 317 positions; the largest are State Str SPDR S&P 500 ETF T (9.4%), Invesco Qqq TR (5.9%) and iShares TR (5.4%).
What the accounts hold
- Stocks15%
- Exchange-traded equities14%
- Non-exchange-traded equities1%
- Funds76%
- Registered funds74%
- Pooled vehicles2%
- Bonds3%
- U.S. government and agency bonds1%
- State and local bonds1%
- Investment grade corporate bonds1%
- Cash5%
- Other5%
- Annuities3%
- Derivatives2%
Reported 13F holdings
- $744M
- Reported 13F value
- 317
- Positions
- 45.3%
- In the 10 largest
- +17.8%
- Value vs. prior quarter
- State Str SPDR S&P 500 ETF T · TR Unit9.4%
- Invesco Qqq TR · Unit Ser 15.9%
- iShares TR · Core US Aggbd ET5.4%
- iShares TR · Core S&P500 ETF4.9%
- Invesco Actively Managed Exc · Total Return4.3%
- Invesco Exch Traded FD TR II · Equal Wegt 0-303.9%
- First TR Exchange Traded FD · Risng Divd Achiv3.5%
- Invesco Exch Traded FD TR II · S&P 500 Revenue3.1%
- Fidelity Comwlth TR · Nasdaq Compsit2.4%
- First TR Exchange-traded FD · Wcm Intl Equity2.4%
Together, the ten largest are 45.3% of reported value.
How many clients does Commonwealth Financial Services have?
Commonwealth Financial Services has 2,271 clients and manages $995 million for them, as of August 2026. They include 1,990 individual clients, 226 high-net-worth individuals, and 24 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 August 2026
What services does Commonwealth Financial Services offer?
Commonwealth Financial Services provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Commonwealth Financial Services charge?
Commonwealth Financial Services charges up to 2.00% a year for its Asset Management Services Program. The fee is billed in advance.
Source: FORM ADV APP--WRAP FEE PROGRAM, filed 19 August 2026
Which custodians does Commonwealth Financial Services use?
Commonwealth Financial Services’ separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $723M and Fidelity Brokerage Services LLC (Smithfield, RI), with $236M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 August 2026
How many financial advisors does Commonwealth Financial Services have?
Commonwealth Financial Services has 15 investment adviser representatives registered with state securities authorities, out of 26 employees, and 13 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 9 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Commonwealth Financial Services invest in?
At the end of its last fiscal year, Commonwealth Financial Services’ separately managed accounts held 74% registered funds (mutual funds, ETFs, BDCs), 14% exchange-traded equities, 5% cash and equivalents, 3% other, 2% derivatives, 2% pooled vehicles (private funds and similar), 1% non-exchange-traded equities, 1% U.S. government and agency bonds, 1% state and local bonds and 1% investment grade corporate bonds. The 3% other category is described as: Annuities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Commonwealth Financial Services?
Commonwealth Financial Services’ direct owners are Shanell Jeffrey (5% to 10%), Daniel Spurgeon (25% to 50%) and Michael Seese (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 24 August 2026
How does Commonwealth Financial Services get paid?
Commonwealth Financial Services is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Commonwealth Financial Services?
Commonwealth Financial Services’ main office is at 373 Timberline Parkway, Vienna, WV 26105. Its phone number is 304-422-3531. Its website is cfswv.com.