Waltham, Mass.-based Commonwealth Financial Network has named Wayne Bloom as the company's chief executive officer, effective immediately.
Bloom, a managing principal at Commonwealth since 1999, replaces Joe Deitch, who founded the firm and will continue serving as chairman. The company said in a press release that the appointment is the result of Commonwealth's ongoing succession planning process. Peter Wheeler will continue as president.
Bloom joined Commonwealth in 1989 and previously served as the firm's managing principal of wealth management. During his tenure, Bloom has been responsible for the firm's research, insurance, retirement and RIA divisions. He is a founder of the firm's Preferred Portfolio Services program, a fee-based asset management infrastructure, and is also one of the pioneers of Commonwealth's wealth management initiative.
"Since joining Commonwealth 20 years ago, Wayne's leadership and strategic business acumen have been instrumental in growing Commonwealth's fee-based asset management program into a driving force for the firm," Deitch said. "Wayne has earned the respect of our nearly 450 employees, including his colleagues of managing principals, our advisors, and industry partners. He is the ideal candidate to take the helm as Commonwealth's chief executive officer."
Commonwealth said Bloom's immediate efforts will be to target projects that increase revenues, ease expenses, and improve processes, while looking for opportunities to develop new and better services for the firm's advisors, their staff and investors.
"While Commonwealth certainly isn't immune to the current challenges our industry faces, I feel that Commonwealth and its advisors are positioned extremely well to continue to gain market share as the attractiveness of the independent model for both advisors and investors continues to rise," said Bloom.
Prior to joining Commonwealth, Bloom was employed at Fidelity Investments. He is also a past chairman of the IAFP's Financial Products Advisory Council. Bloom is an alumnus of the Harvard Business School, having graduated from the Owner/President Management Program. He received a BS in Business Management, graduating with honors from Northeastern University, and holds FINRA Series 7, 24, 63, and 65 securities licenses.
Commonwealth was founded 30 years ago. The firm supports more than 1,200 independent registered representatives nationwide.