Former Morgan Stanley breakaway family joins Commonwealth

Former Morgan Stanley breakaway family joins Commonwealth
Founder of $213M AUM firm says wirehouse advisors should take the leap.
MAR 25, 2025

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.”

 

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.