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Van Law to Step Down as Head of Raymond James’ RIA Group

20:25 22 March in In the News by rafferty

March 22, 2018 By Janet Levaux, ThinkAdvisor The departure is ‘surprising news,’ recruiter Jon Henschen says.   Raymond James says that Bill Van Law, president of the Investment Advisors Division, will be leaving the firm on April 2 to “pursue other personal and professional interests.” Van Law, who has been leading Raymond James’ efforts to attract registered investment advisors, is a 15-year veteran with the firm, which is now searching for his replacement. “Bill has had significant impact on our Private Client Group businesses, including the growth and success of the Investment Advisors Division,” said Chairman & and CEO Paul Reilly. “We are grateful for his many contributions and wish him well with his future endeavors.” Van Law joined Raymond James in 2003 after spending 18 years at Merrill Lynch (1984-2002), where he served in various leadership...

Cetera sale talk another distraction for advisers

17:00 27 February in In the News by rafferty

February 26, 2018 By Bruce Kelly, Investment News Company emerged from bankruptcy less than two years ago; plans to brief advisers Tuesday afternoon A potential sale of Cetera Financial Group could be boon for its private equity owners, but turn out to be another distraction for its 8,000 advisers, who saw the company emerge from bankruptcy less than two years ago. On Friday, Bloomberg News reported that Cetera was exploring a sale that could fetch its private equity owners as much as $1.5 billion. On Monday, the company said it launched an internal review with the objective of optimizing its capital structure, lowering costs and maximizing continued investments. Cetera also said it hired Goldman Sachs & Co. for the review. "It is a distraction," said one Cetera adviser, who asked not to be named. "If management wants...

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Private equity likely buyer in Cetera sale

16:15 27 February in In the News by rafferty

February 26, 2018 By Tobias Salinger, Financial Planning Cetera Financial Group’s more than 7,700 advisors across six independent broker-dealers may soon face yet another big change: new ownership. The IBD network is exploring a sale and the price tag could amount to $1.5 billion, or $350 million more than RCS Capital paid in 2014 to acquire the El Segundo, California-based firm, people familiar with the matter told Bloomberg. Creditors assumed control of Cetera after RCS went bankrupt in 2016. Executives with Cetera and its current parent, Aretec, retained Goldman Sachs to help with what they called “a capital structure review process,” the firm announced this week. Representatives for the firm said it would be premature to speculate on the outcome of the review. Private equity firms and other investors see opportunities in wealth management, Cetera...