Trap Kloman to become president and COO of Commonwealth Financial

Rich Hunter, the president and chief operating officer of Commonwealth Financial Network, the nation's largest independent registered investment adviser/independent broker-dealer, is stepping down from the position. Managing principal and chief financial officer Trap Kloman succeed Mr. Hunter in the role of president and chief operating officer by year-end, the company announced Wednesday. Mr. Hunter, who has worked more than 30 years at the firm, will maintain his position as one of Commonwealth's 13 managing partners, but will focus on "writing, special projects, mentoring, and helping evolve Commonwealth's four-decade-long history," according to the company's statement. Founded in 1979, Commonwealth has dual headquarters in Waltham, Mass., and San Diego. The firm supports approximately 1,800 independent financial advisers.