Former Morgan Stanley breakaway family joins Commonwealth

Commonwealth Financial Network has welcomed a $213 million AUM multi-generational advisor firm in Allentown, Pennsylvania to its independent advisor network.

From a wrestling scholarship that took him to Oklahoma State and Penn State where he graduated with BA in international business, Duane Peoples’ most obvious career was in the family business, a role he fulfilled for more than two decades.

He left his role as VP and COO of the polyurethane manufacturing firm in 2009 and joined Raymond James as a financial advisor before moving to Morgan Stanley in 2015, where his wife Patricia was an advisor with 22 years tenure. Their son Craig joined the wirehouse as a workplace advisor in 2021.

But in November 2023, this unique family team with a strong mixture of business and wealth management experience decided to breakaway and start their own firm, Peoples & Co. and have now aligned with Commonwealth Financial Network to further its growth.

Duane People’s says that he used to think that wirehouse advisors didn’t go independent due to a lack of courage but now knows there is more to the decision process including joining a supportive network.

“It’s a big leap, but once you’re here, the water is quite warm,” he said. Commonwealth has a magnificent set of platforms. We can be as independent as we want—but with the safety net of home office supervision.”

As well as the trio of eponymous advisors, marketing is managed by Grace Peoples, who is Duane and Patricia’s daughter and is also studying for CFP certification along with Craig. The firm’s ‘extended family’ includes Seth Maulfair who oversees operations, and Brian Gicking managing administration.

“The economics are much better for our team, and we have access to everything we need for our clients,” said Duane Peoples. “We’re already experiencing notable success—I only wish we’d made this change 10 years ago. But now, we’re in the right model, and the right home, for the long term.”