Cetera Shuttering Broker-Dealer, Pushing Out Some Reps
July 30, 2015 By Janet Levaux, ThinkAdvisor Recruiter says about half of the J.P. Turner advisors have been invited to join Summit Brokerage Cetera Financial Group says it has moved to close an independent broker-dealer it acquired in 2014, mainly due to issues regarding its main clearing partner. “Cetera Financial Group is winding down J.P. Turner in order to enable advisors at that firm to more rapidly access the full range of services and support our network offers through Pershing,” said CEO Larry Roth in a statement shared with ThinkAdvisor late Thursday. When it became clear that Pershing would not add J.P. Turner to its clearing platform, advisors decided it made sense for the roughly 300 J.P. Turner reps to move to Summit Brokerage Services, another BD acquired last year by Cetera’s parent firm, RCS Capital (RCAP). According...