Focus on Credit Unions, Banks Helps Cetera Post Record Assets in ’18
February 4, 2019 By Michael Thrasher. WealthManagement.com The Genstar Capital-backed company also achieved record revenue in the fourth quarter, CEO Robert Moore said. Banks and credit unions helped Cetera Financial Group recruit more than 800 financial advisors to the company in 2018, and more than $5.3 billion in assets under administration, the firm said. But lower productivity is not necessarily a fair indicator of quality. About half of the more than 800 advisors who affiliated with the group last year did so through Cetera Financial Institutions (CFI), the business that supports bank and credit union-based advisors, a spokesperson for the company said. Many of those advisors were also added in the later half of 2018 after Cetera completed its capital structure review, so there hasn't been much time for them to accrue assets. Cetera has said...