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Commonwealth Replaces President and COO with Ex-LPL Exec

By Alex Padalka June 29, 2018

Commonwealth Financial has promoted its chief financial officer — whom it nabbed from rival LPL Financial in 2015 — to take over as president and chief operations officer, the company says in a press release.

At year's end, Trap Kloman will take over from Rich Hunter, who now holds the dual role, according to Commonwealth. Prior to joining Commonwealth in 2015, Kloman had spent a decade with LPL Financial, including as senior vice president of investor relations, vice president of corporate finance and vice president of corporate development, according to his LinkedIn profile.

“In just three years, Trap has made enormous contributions to both Commonwealth and our advisors, instituting innovative operational efficiencies and helping to ensure that resources are available to support the continued growth of our advisors’ businesses,” Wayne Bloom, Commonwealth’s CEO, says in the press release.

Hunter, who has been with Commonwealth for more than three decades, will step away form day-to-day management of the firm’s operations but stay on as one of 13 managing partners, according to the press release.

He will shift focus to writing, mentoring, special projects and “helping to evolve Commonwealth’s four-decade-long history of indispensable service,” the company says.

“What really makes this possible is the full confidence the entire executive management team has in my successor, Trap Kloman,” Hunter says in the press release.