Rich Hunter is stepping aside as the president and chief operating officer at Commonwealth Financial, the company announced on Wednesday. He will be replaced by CFO Trap Kloman. Hunter, one of 13 managing partners at the firm, has been with Commonwealth for more than 30 years. In his new role, he will focus on writing, special projects and mentoring. Kloman, who is also a managing principal and has been with Commonwealth for three years, “instituting innovative operational efficiencies and helping to ensure that resources are available to support the continued growth of our advisors’ businesses,” CEO Wayne Bloom said in a statement. As the largest privately held registered investment advisor-independent broker/dealer in the U.S., Commonwealth supports about 1,800 independent financial advisors nationwide.
Financial Advisors Are in Demand
The most in-demand job in the finance and accounting industries is financial advisor, according to recruiting firm CyberCoders. The firm analyzed data from their database of more than 1 million job seekers to determine the rankings. Loan officer was the second most in-demand position, followed by tax supervisor. The firm found that financial advisors saw a 12.8 percent year-over-year growth, followed by 11.7 percent for loan officers. The average salary for financial advisors was $85,860, according to the data.
Voya Financial Advisors Partners with Pershing on Lines of Credit
Voya Financial Advisors, the network of approximately 2,000 financial advisors owned by Voya Financial, said on Tuesday that it will give its advisors the ability to offer clients a security-backed line of credit that it’s calling an Investment Credit Line. The customized service was made possible through a partnership with BNY Mellon’s Pershing. Voya said offering securities-backed loans will enable advisors to better serve clients “holistically” and that the LIBOR-based interest rate could be lower than standard bank loans or credit card advances.