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Cetera Taps Antoniades as CEO

21:30 04 December in In the News by rafferty

December 3, 2019 By Janet Levaux, ThinkAdvisor Cetera Financial Group has a new CEO: Adam Antoniades, who’s served as its president since 2014. Antoniades took the leadership torch from interim CEO Ben Brigeman, who remains chairperson, on Tuesday. Antoniades will now serve on Cetera’s board and lead its member broker-dealers — First Allied Securities (which he founded), Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services/Cetera Financial Institutions and Cetera Financial Specialists. The group says it has about 7,500 affiliated independent advisors and about $240 billion in client assets. The new chief executive takes over some nine months after then-CEO Robert “RJ” Moore stepped down from the position and about a year since the private-equity firm Genstar Capital acquired a majority stake in Cetera for $1.7 billion. When Moore gave up the job, Genstar and Cetera...

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Atria Scoops Up IBD With Turnkey Model

16:36 23 November in In the News by rafferty

November 21, 2019 By Diana Britton, WealthManagement.com The firm will acquire Western International Securities, adding 400 advisors and a new affiliation model. Atria Wealth Solutions announced plans Thursday to acquire Western International Securities, a Pasadena, Calif.-based independent broker/dealer with over 400 advisors and $13 billion in client assets under administration. The deal, expected to close in the first quarter 2020, would bring Atria’s total network to nearly 2,500 advisors and $80 billion in assets. Western International Securities would be Atria’s fifth IBD acquisition since it was launched in August 2017 by former Morgan Stanley executive Doug Ketterer. He initially launched into the financial institutions channel with the acquisition of sister b/ds CUSO Financial Services and Sorrento Pacific Financial, both based in San Diego. They have a combined $30 billion in assets under administration and 500 advisors at...

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Schwab-TD Ameritrade Deal Is No Sure Thing

21:20 21 November in In the News by rafferty

November 21, 2019 By Janet Levaux, ThinkAdvisor A merger of the two larger brokerage firms faces antitrust and other hurdles, according to some key industry watchers. Charles Schwab’s reported move to purchase TD Ameritrade for $26 billion, reported early Thursday, is the talk of the industry and shouldn’t come as a surprise, industry watchers and advisors say. “It’s big news, as yet another example of the massive consolidation taking place in financial services,” said Vance Barse, wealth strategist and founder of the firm Your Dedicated Fiduciary. But don’t bet on the merger just yet, some say. “There are some potential antitrust issues,” according to Joel Bruckenstein, a certified financial planner and head of T3 Technology Hub. “These two firms have been fierce competitors for years on the advisor and consumer side. Will there still be sufficient...

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Schwab to Buy TD Ameritrade for $26B: Report

17:30 21 November in In the News by rafferty

November 21, 2019 By Janet Levaux, ThinkAdvisor The move comes amid pressure on revenues caused by October's race to zero commissions Charles Schwab is set to buy TD Ameritrade for $26 billion, which could create a firm with some $5 trillion in client assets, according to a report from Fox Business. The move comes as the brokerage business has been racing to cut commissions to zero — which both firms moved to do last month. It also comes on the heels of Schwab’s plan, announced in July, to spend $1.8 billion on USAA’s brokerage and managed portfolio accounts, which have some $90 billion in client assets. Schwab, which has about $3.7 trillion in assets, and TD Ameritrade did not respond to requests for comment. Since the pricing pressures started in early October, TD Ameritrade’s stock price had...