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Wayne Bloom has been named the new chief executive officer of Commonwealth Financial Network, while longtime CEO Joseph Dietch will step down, maintaining his role as chairman.
Bloom, a 20-year veteran of Commonwealth, has served as managing principal of the firm since 1999. When he joined Commonwealth in 1989, he took on the role of managing principal of wealth management in which he was responsible for the research, insurance, retirement and RIA divisions. He also founded the firm's fee-based asset management infrastructure, the Preferred Portfolio Services program.
Commonwealth, now in its 30th year, stated that this move is part of the firm's ongoing succession plan in a statement released Friday morning. The transition is effective immediately.
