Commonwealth Financial Network, the nation’s largest privately held independent broker-dealer, named Rich Hunter president and chief operating officer on Friday and also announced new affiliation models for its nearly 1,500 financial advisors.

Hunter, a managing principal at the company, has been with the firm for 25 years, most recently as chief financial officer. The firm also named Peter Wheeler, another veteran executive who has been with Commonwealth for nearly 30 years, as vice chairman. Wheeler will retain oversight of legal and compliance for the firm and also focus on long-term executive management responsibilities and strategic planning.

Hunter’s advisor-centric approach and “deep understanding of the independent advisory marketplace makes him uniquely qualified for this role,” Commonwealth chief executive Wayne Bloom said in a statement. Wheeler, he added, “has been a strong force in the growth and success of Commonwealth over the years…his new role will grant him the ability to continue to touch all areas of the business.”

Commonwealth also promoted seven managers: John Bohswas named senior vice president, brokerage operations; Simon Heslop, senior vice president, asset management; Jim Hommeyer, senior vice president, strategic and tax planning; Carly Maher, senior vice president, sponsor relations and conferences; Gavin Morrissey, senior vice president, wealth management; E.J. Sutherland, senior vice president, information technology and Paul Tolley, senior vice president, compliance.

Commonwealth’s five new affiliation models are:

  • Traditional Representative for straight commission-based business
  • Dual Registration for commission- and fee-based business through our broker/dealer and investment adviser registrations
  • Hybrid for commission business through our broker/dealer and advisory and planning through the advisor’s own RIA
  • Corporate RIA for exclusively fee-based business as an IAR of Commonwealth, with access to a full array of investment choices
  • RIA-Only for advisory and financial planning through the advisor’s own RIA, with our support to take care of the rest

The new models “translate to a more flexible way of growing a business,” Andrew Daniels, managing principal of business development at Commonwealth said in a statement.