Wayne Bloom Named CEO of Commonwealth

Waltham, Mass. (January 23, 2009) —On Thursday, January 22, 2009, Commonwealth Financial Network^® announced through its Chairman, Joseph Deitch, that Wayne Bloom has been named the company’s chief executive officer. The appointment is the result of Commonwealth’s ongoing succession planning process and is effective immediately. Bloom, a managing principal at Commonwealth since 1999, succeeds Deitch, who will continue serving as chairman of the firm. Peter Wheeler will continue as president.

Bloom joined Commonwealth in 1989 and previously served as the firm’s managing principal of wealth management. During this time, Bloom was responsible for the firm’s Research, Insurance, Retirement, and Registered Investment Advisory divisions. He is a founder of the firm’s Preferred Portfolio Services^® program, Commonwealth’s fee-based asset management infrastructure, and is also one of the pioneers of Commonwealth’s wealth management initiative.

“Since joining Commonwealth 20 years ago, Wayne’s leadership and strategic business acumen have been instrumental in growing Commonwealth’s fee-based asset management program into a driving force for the firm,” said Joseph Deitch, chairman of Commonwealth. “Wayne has earned the respect of our nearly 450 employees, including his colleagues of managing principals, our advisors, and industry partners. He is the ideal candidate to take the helm as Commonwealth’s chief executive officer.”

“Commonwealth is celebrating its 30^th anniversary this year and it has been an honor and a privilege to serve as the firm’s CEO since inception. Commonwealth is a leader in the industry, and there are many more opportunities in front of us. I look forward to the transition and working with Wayne and our team of principals on Commonwealth’s long-term strategy in my continued role as chairman,” Deitch added.

Among Bloom’s immediate efforts will be the firm’s 2009 initiative to strengthen the core of the firm. This campaign will integrate best business practices of targeting projects that increase revenues, ease expenses, and improve processes, while taking an opportunistic approach to developing new and enhanced services for the firm’s advisors, their staff, and investors.

“While Commonwealth certainly isn’t immune to the current challenges our industry faces, I feel that Commonwealth and its advisors are positioned extremely well to continue to gain market share as the attractiveness of the independent model for both advisors and investors continues to rise,” said Bloom.

“I feel very fortunate to have been part of the success Commonwealth has enjoyed over the past two decades, and I feel that my tenure at Commonwealth positions me very well to ensure that our team approach to managing the firm remains in place,” said Bloom. “Most of the team of managing principals has been together for more than 20 years, and we remain focused on one thing—providing indispensable service to our network of advisors.”

Prior to joining Commonwealth, Bloom was employed at Fidelity Investments. He is also a past chairman of the IAFP’s Financial Products Advisory Council. Bloom is an alumnus of the Harvard Business School, having graduated from the Owner/President Management Program. He received a BS in Business Management, graduating with honors from Northeastern University, and holds FINRA Series 7, 24, 63, and 65 securities licenses.

Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, is celebrating its 30th anniversary as the leading, privately owned independent broker/dealer, with offices in Waltham, Massachusetts, and San Diego, California. The firm supports more than 1,200 independent registered representatives nationwide and makes available a comprehensive array of financial products and services.



Contacts:
Emily Guadagnoli
Senior Public Relations Specialist
Commonwealth Financial Network
www.commonwealth.com
781.736.7980, x9639
eguadagnoli@commonwealth.com