Commonwealth Financial Network has promoted Rich Hunter, a 25-year veteran of the broker-dealer and most recently its chief financial officer, to president and chief operating officer, Commonwealth announced today.
Peter Wheeler, who has been with Commonwealth nearly 30 years, was named vice chairman.
Wheeler previously served as president and Hunter as chief financial officer. The title of vice chairman is new, says Jacquelyn Marchand, media relations manager for Commonwealth, which has headquarters in Waltham, Mass., and San Diego, and is the nation's largest privately held independent broker-dealer.
CEO Wayne Bloom and Chairman Joseph Deitch remain in their respective positions.
Hunter has been a managing principal at Commonwealth and has been with the firm for 25 years.
Wheeler will retain oversight of legal and compliance issues and will also focus on long-term executive management responsibilities and strategic planning, according to the company.
Commonwealth also announced it has filled a number of new, departmental senior vice president positions: John Bohs, brokerage operations; Simon Heslop, asset management; Jim Hommeyer, strategic and tax planning; Carly Maher, sponsor relations and conferences; Gavin Morrissey, wealth management; E.J. Sutherland, information technology, and Paul Tolley, compliance.
The changes were made and new titles created to support the strategic growth of the firm, Marchand says.
Commonwealth also has created new affiliation models for financial advisors in order to attract new advisors and expand the options for existing Commonwealth advisors, she says, adding that the new affiliation models expand the service offerings for Commonwealth.
The new models include traditional representative for straight commission-based business; dual registration for commission and fee-based business through Commonwealth’s broker-dealer and investment advisor registrations; hybrid for commission business through Commonwealth’s broker-dealer and advisory and planning through the advisor’s own RIA; corporate RIA for exclusively fee-based business as an RIA of Commonwealth, and RIA-only for advisory and financial planning through the advisor’s own RIA with Commonwealth’s support.