Cornerstone Wealth Management is changing its name to Hefty Wealth Partners to reflect recent changes to its portfolio.

The new name coincides with the company's decision to become a hybrid registered investment advisor, which allows it to operate as a full service firm no longer tied to a single custodian. The change does not affect its current ownership or mission, the firm said.

"As our breadth of service continues to expand, the changes seemed a natural transition to reflect our commitment to meet each client's specific needs and differentiate the company from others," David Hefty, the chief executive and co-founder, said in a statement.

Hefty Wealth Partners was founded in 2000 and operates through LPL Financial. It provides financial planning and investment management services to individuals, families, and small businesses.