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.

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