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Adam Antoniades Likely to Step Down as Cetera CEO by Year-End

19:39 16 June in In the News by rafferty

June 14, 2023 By Diana Britton, WealthManagement.com Several industry observers close to Cetera say the timeline is set and former Fidelity executive Mike Durbin, CEO of the holding company, will take control of the firm after an upcoming recapitalization with private equity owner Genstar. In May, Cetera Holdings, the holding company of Cetera Financial Group, announced it had appointed former Fidelity Institutional executive Mike Durbin as its new CEO, with Adam Antoniades continuing his current role as CEO of Cetera Financial Group. But several sources close to the company say the decision has been made and Antoniades will likely step down from that role in the next six to nine months. Durbin will lead the broker/dealer network. The interim period is a stewardship period for Durbin and Antoniades and an opportunity for Durbin to wrap his arms around the...

What the Broker-Dealer Industry Looks Like Now, in 5 Charts

13:24 08 May in In the News by rafferty

May 5, 2023 By Melanie Waddlell, ThinkAdvisor The Financial Industry Regulatory Authority has released its 2023 Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA oversees. For the first time in years, the number of registered reps increased, and the number of people entering the industry was greater than the number leaving. “The 2023 Snapshot maintains FINRA’s commitment to providing a data-driven view into the securities industry and its activities through the lens of regulatory reporting. We continue to add new data categories to the Industry Snapshot, increasing the transparency of and visibility into an evolving securities industry,” said FINRA Chief Economist and Executive Vice President Jonathan Sokobin in a statement. This year’s edition adds new data about options trading activity, and certain demographic changes of FINRA-registered reps. The 2023 Industry Snapshot incorporates...

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FINRA: Broker numbers up for first time in years

12:56 08 May in In the News by rafferty

May 4, 2023 By Dan Shaw, Financial Planning   The number of people joining the brokerage industry increased for the first time in several years in 2022, driven by wealth managers joining both pure-play broker-dealer firms and hybrid outfits with an advisory arm. That's according to the Financial Industry Regulatory Authority's latest industry snapshot, released on Thursday. The number of registered representatives at brokerages rose to 620,882 in 2022, up from 612,435 the previous year. Although that was only a modest 1% increase and the 2022 total came in below the 629,475 registered reps recorded in 2018, it still marked the first time the figure had climbed in at least the five previous years. Increases were seen in both the number of firms registered solely with FINRA, the broker-dealer industry's self-regulator, and so-called hybrid outfits with advisory arms...