Former Wirehouse Team Peoples & Co. Private Wealth Stewardship Chooses Commonwealth

The multigenerational firm sought a strong cultural fit—and a smooth landing.

WALTHAM, Mass.--(BUSINESS WIRE)--Commonwealth Financial Network^®, a national RIA dedicated to providing financial advisors with holistic, integrated business solutions, welcomes Allentown, Pennsylvania-based Peoples & Co. Private Wealth Stewardship to its network of independent advisors. The advisory team includes Duane Peoples, CFP^®, CKA^®, CEPA^®, Patricia Peoples, CFP^®, CKA^®, CLU^®, ChFC^®, QPFC, and Craig Peoples, all formerly with Morgan Stanley. In addition, Grace Peoples directs marketing, Seth Maulfair oversees operations, and Brian Gicking manages administration. The team reported advising on more than $213 million in client assets.*

“Commonwealth is thrilled to welcome the Peoples & Co. team and provide a smooth landing in its transition to independence,” said Becca Hajjar, managing principal and chief business development officer.

Duane Peoples became a financial advisor after 25 years of managing a family-owned, 350-person export manufacturing company. His wife, Patricia Peoples, has served as a financial advisor for more than 30 years. The team at Peoples & Co. emphasizes the importance of financial stewardship across generations. “Our mission is to become ‘thinking partners’ to our clients, providing multigenerational guidance that extends far beyond portfolio design,” said Duane Peoples. “Financial capital is a tool to manifest enduring values, which we implement by delving deeply into risk, wealth transfer, estate planning, philanthropy, and liquidity needs.” Learn more at https://www.peoplespws.com/.

“When other advisors ask me about our transition story, I tell them I used to think that those who stayed in a wirehouse setting rather than going independent just lacked the courage,” said Duane Peoples. “But I’ve learned that there’s way more to it. We had tremendous onboarding support, from marketing to technology to operations. No one at Commonwealth ever showed resistance to our questions, even when they were repetitive. It’s a big leap, but once you’re here, the water is quite warm.”

Patricia Peoples emphasized the “rigorous and constructive” interactions with the Commonwealth Compliance team during the transition and was also impressed by home office expertise in delivering custom marketing and investment management solutions. The Peoples & Co. team characterized the Commonwealth culture as “treating advisors like clients.”

“No matter who we call, from compliance to client service, there’s always courtesy and respect for our time,” said Duane Peoples. “My perception is that wirehouse advisors often assume they’ll miss some comfort if they take the leap to independence, but with Commonwealth, that’s not the case. Commonwealth has a magnificent set of platforms. We can be as independent as we want—but with the safety net of home office supervision.”

Hajjar added, “There’s the transition itself, and then there’s the ongoing support. Peoples & Co. has specific business goals that our people and infrastructure will support throughout each stage of the team’s growth.”

“The economics are much better for our team, and we have access to everything we need for our clients,” said Duane Peoples. “We’re already experiencing notable success—I only wish we’d made this change 10 years ago. But now, we’re in the right model, and the right home, for the long term. And with both our children in the business, who are well into their CFP^® studies, I’m confident that the ‘long term’ stretches far into the future. We are putting into practice the same stewardship philosophy we employ with clients.”

About Commonwealth Financial Network^®

Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 11 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California, and an operations hub in Blue Ash, Ohio. Learn more about how Commonwealth partners with approximately 2,345 independent financial advisors overseeing more than $344 billion** in assets nationwide by visiting www.commonwealth.com.

Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012, 2013, 2014, and 2018‒2024 U.S. Financial Advisor Satisfaction Studies. Presented on July 10, 2024, for January to May of 2024, it is based on responses from 4,072 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm’s future performance. Your experience may vary. Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit jdpower.com/awards for more details.

* As of 1/9/2024

** As of 12/31/2024