Independent broker/dealer Commonwealth Financial Network announced January 22 that Wayne Bloom, its managing principal of wealth management, will succeed Chairman Joseph Deitch as CEO effective immediately. Deitch will continue as chairman of the firm, which is based in Waltham, Massachusetts, and San Diego and celebrates the 30th anniversary of its founding this year, while Peter Wheeler will continue as president.
In its announcement, Commonwealth said the appointment is part of its "ongoing succession planning process." The broker/dealer has about 1,200 representatives.
Bloom joined Commonwealth from Fidelity Investments in 1989 and is the driving force behind its Preferred Portfolio Services program, Commonwealth's fee-based asset management infrastructure, and is also one of the pioneers of Commonwealth's wealth management initiative.