In the News

Moore’s Exit Raises Deeper Questions at Cetera

17:50 21 February in In the News by rafferty

February 20, 2019 By Janet Levaux, ThinkAdvisor Cetera Financial Group’s news that CEO Robert “RJ” Moore is stepping down for health reasons is raising lots of questions from industry insiders. The development comes less than four months after the private-equity firm Genstar Capital acquired a majority stake in Cetera, which has more than 7,000 affiliated independent advisors, and a series of changes and much-publicized issues in recent years. “They have weathered so many storms, and it seemed like they finally had bluer skies ahead. Now there’s another storm,” said industry consultant Jeff Nash, CEO of Bridgemark Strategies. Industry consultants and recruiters are asking what’s next for leadership, as well as for retention and recruiting at the group of independent broker-dealers. According to the independent broker-dealer group, Moore does not have a terminal illness. Chairman Ben Brigeman will...

Look for more changes at Cetera Financial Group

17:42 21 February in In the News by rafferty

February 21, 2019 By Bruce Kelly, Investment News Robert Moore's resignation from Cetera Financial Group likely signals other changes to come at the giant broker-dealer network, according to advisers and industry observers. Those could range from the firm's owner, Genstar Capital, winnowing the ranks of management at Cetera to more emphasis on technology solutions that better focus on advisers' clients. At some point in the future, Genstar Capital could look to reduce costs by cutting management and boosting the productivity of advisers with improved technology, those advisers and observers said. "Will other executives leave?" asked one Cetera adviser, who asked not to be identified. "I think they have to." The adviser added that technology the firm has recently invested in, like a highly touted facial recognition program, has not had an impact on a typical...

Focus on Credit Unions, Banks Helps Cetera Post Record Assets in ’18

17:12 06 February in In the News by rafferty

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...