Bloom Named CEO of Commonwealth

The appointment is the result of Commonwealth’s ongoing succession planning process and is effective immediately, according to a press release. Bloom, a managing principal at Commonwealth since 1999, succeeds Chairman Joseph Deitch, who will continue serving as chairman of the firm. Peter Wheeler will continue as president.

Bloom joined Commonwealth in 1989 and previously served as the firm’s managing principal of wealth management. During this time, Bloom was responsible for the firm’s Research, Insurance, Retirement, and Registered Investment Advisory divisions. He is a founder of the firm’s Preferred Portfolio Services program, Commonwealth’s fee-based asset management infrastructure, and is also one of the pioneers of Commonwealth’s wealth management initiative, according to the release.

“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,’ said Deitch, in a statement.

Among Bloom’s immediate efforts will be the firm’s 2009 initiative to strengthen the core of the firm, Commonwealth said. The company said “the campaign will integrate best business practices of targeting projects that increase revenues, ease expenses, and improve processes, while taking an opportunistic approach to developing new and enhanced services for the firm’s advisers, their staff, and investors.’

Prior to joining Commonwealth, Bloom was employed at Fidelity Investments. He is also a past chairman of the IAFP’s Financial Products Advisory Council.

Commonwealth Financial Network is privately owned independent broker/dealer, with offices in Waltham, Massachusetts, and San Diego, California. The firm said it supports more than 1,200 independent registered representatives nationwide.