Trap Kloman to become president and COO of Commonwealth Financial

Trap Kloman to become president and COO of Commonwealth Financial
Kloman, currently the firm's CFO, will succeed Rich Hunter by year-end
JUN 27, 2018

Rich Hunter, the president and chief operating officer of Commonwealth Financial Network, the nation's largest independent registered investment adviser/independent broker-dealer, is stepping down from the position. Managing principal and chief financial officer Trap Kloman succeed Mr. Hunter in the role of president and chief operating officer by year-end, the company announced Wednesday. Mr. Hunter, who has worked more than 30 years at the firm, will maintain his position as one of Commonwealth's 13 managing partners, but will focus on "writing, special projects, mentoring, and helping evolve Commonwealth's four-decade-long history," according to the company's statement. Founded in 1979, Commonwealth has dual headquarters in Waltham, Mass., and San Diego. The firm supports approximately 1,800 independent financial advisers.

Latest News

RIA moves: Carson Group marks deal milestone as Simon Quick continues slow-growth strategy
RIA moves: Carson Group marks deal milestone as Simon Quick continues slow-growth strategy

Carson has fully acquired another firm in Florida, while Simon Quick Advisors finds its third perfect-fit partner in a Las Vegas-based boutique.

FINRA penalizes another broker dealer for social media miscues
FINRA penalizes another broker dealer for social media miscues

FINRA has been focused on firms and their use of social media for several years.

How much do affluent clients love fee-based planning?
How much do affluent clients love fee-based planning?

The model has surged in popularity thanks to its fiduciary appeal, but the show is far from over for no-fee and commission-based arrangements.

Wall Street rush into Vanguard-style funds draws concerns
Wall Street rush into Vanguard-style funds draws concerns

Asset managers filing to launch dual share-class mutual funds, creating an ETF sleeve for existing strategies, could end up eroding key benefits of the wrapper.

Fintech bytes: Zocks lands Commonwealth partnership, Visory powers cybersecurity for Modern Wealth
Fintech bytes: Zocks lands Commonwealth partnership, Visory powers cybersecurity for Modern Wealth

The two wealth tech firms are continuing to expand their reach among firms as they support advisor productivity and client data protection.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.