WALTHAM, Mass.--(BUSINESS WIRE)--Commonwealth Financial Network®, the nation’s largest privately held Registered Investment Adviser–independent broker/dealer, announces that Rich Hunter, president and chief operating officer, will transition to a new role at year-end. Trap Kloman, managing principal, chief financial officer, will assume the dual role of president and chief operating officer at that time.
With a tenure at Commonwealth of more than 30 years, Hunter will remain one of 13 managing partners but will now focus on writing, special projects, mentoring, and helping to evolve Commonwealth’s four-decade-long history of indispensable service.
Said Hunter, “I’ve been privileged to help steer Commonwealth through nearly three decades of success alongside my fellow managing partners who are also my friends. I’m looking forward to what I call my ‘next phase,’ during which I’ll step away from day-to-day management of Commonwealth’s operations and contribute in other ways I’m equally passionate about.”
Hunter added, “What really makes this possible is the full confidence the entire executive management team has in my successor, Trap Kloman.”
Said Wayne Bloom, CEO, “In just three years, Trap has made enormous contributions to both Commonwealth and our advisors, instituting innovative operational efficiencies and helping to ensure that resources are available to support the continued growth of our advisors’ businesses.”
On Hunter, Bloom continued, “Rich has been a key ingredient in Commonwealth’s special sauce for almost three decades. His talents range from his mastery of financial precision for the firm and our industry, to being a constant voice for the advisor, day in and day out. We on the executive management team are so grateful for the years we’ve spent working with Rich—and excited to know we can continue to benefit from his ongoing guidance in his new role of president emeritus. His continued involvement, along with his passing the reins to Trap, is a win-win for Commonwealth and our advisors.”
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, is the nation’s largest privately held Registered Investment Adviser–independent broker/dealer, with headquarters in Waltham, Massachusetts, and San Diego, California. The firm supports approximately 1,800 independent financial advisors nationwide. For more information, please visit www.commonwealth.com.