Commonwealth taps Bloom as new CEO

Wayne Bloom has been appointed chief executive of Commonwealth Financial Network, chairman Joseph Deitch announced today.

He began working at Commonwealth of Waltham, Mass., in 1989, and he will be leaving his position as a managing principal to assume the role of CEO, previously held by Mr. Deitch.

“Wayne has earned the respect of our nearly 450 employees, including his colleagues of managing principals, our advisers and industry partners,” Mr. Deitch said in a statement.

“He is the ideal candidate to take the helm as Commonwealth’s chief executive officer.”

During his 20 years with Commonwealth, Mr. Bloom served as the firm’s managing principal of wealth management, where he founded Commonwealth’s Preferred Portfolio Services program, the company’s fee-based-asset-management infrastructure.

“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,” he said in a statement.

Mr. Bloom’s first priorities as CEO will include working with Commonwealth’s 2009 initiative to strengthen the core of the firm, according to the firm.

Mr. Deitch will continue his role as Commonwealth chairman, and Peter Wheeler will continue to serve as company president.