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Cetera Closes Broker-Dealer First Allied Securities

15:05 12 December in In the News by rafferty

December 7, 2022 By Bruce Kelly, Investment News San Diego-based First Allied had close to 600 brokers and financial advisers under its roof before the Covid-19 pandemic.   First Allied Securities Inc., which was open for almost 30 years and involved in a series of high-profile transactions in that time, said at the end of last month that it had closed, according to its BrokerCheck profile. Part of the Cetera Financial Group network of broker-dealers, which is owned by private equity manager Genstar Capital, First Allied Securities was based in San Diego. Before the Covid-19 pandemic, it had close to 600 brokers and financial advisers under its roof who generated an average of $263,000 in annual fees and commissions in 2018, according to the most recent data available from InvestmentNews Research. “First Allied is no longer a separate...

Cetera Keeps First Allied Brand After BD Closure

15:56 07 December in In the News by rafferty

December 6, 2022 By Janet Levaux, ThinkAdvisor Cetera CEO Adam Antoniades says the firm is consolidating some broker-dealers but is not eliminating brands like First Allied Securities and Summit Financial. “First Allied remains a community” within Cetera Advisors, though “it is no longer a separate legal entity,” Antoniades said in an interview with ThinkAdvisor. “Both brands still exist.” The FINRA BD designation for First Allied, which Antoniades co-founded in 1994, expired in mid-September. “It did not make sense to keep [it and Cetera Advisors] as two legal entities,” he added. “Cetera has a number of brands and communities, and includes a registered broker-dealer and an RIA,” the CEO explained. “We are an at-scale wealth hub accommodating choice and flexibility of affiliation for any type of advisor.” The official language for affiliation with the Summit brand, for instance, refers...

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Cetera Shutters First Allied Registration, Brand

15:02 07 December in In the News by rafferty

December 2, 2022 By Diana Britton, WealthManagement.com Reps for First Allied Securities, the San Diego–based independent broker/dealer that's been in business since 1994, will integrate into sister company Cetera Advisors.   After 28 years in business, First Allied Securities, a San Diego, Calif.–based independent broker/dealer owned by Cetera Financial, has dropped its registration. Parent company Cetera withdrew the firm’s registration from the Financial Industry Regulatory Authority and transitioned its affiliated reps to Cetera Advisors, one of its subsidiaries. A spokesman for Cetera declined to comment on the action. First Allied’s website reads, “First Allied has joined Cetera Advisors as of September 12, 2022. You will be redirected to Cetera Advisors shortly.” Related: Q&A: Adam Antoniades, First Allied Securities Inc. First Allied was founded in 1994 as a private company; Adam Antoniades, current CEO of Cetera, was a co-founder and served as...

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Advisor Group Adjusts Rep Fees

14:54 07 December in In the News by rafferty

December 2, 2022 By Diana Britton, WealthManagement.com Advisor Group has been quietly implementing changes to its pricing structure, including a new bundled affiliation fee and annual fee for directly held mutual fund positions. Advisor Group, the network of independent broker/dealers, has been making changes to prices charged to its affiliated advisors, according to a memo obtained by WealthManagement.com. “This year, we are simplifying and bundling our fees and aligning nearly all pricing across the entire Advisor Group network," according to a memo sent to Securities America, an Advisor Group broker/dealer, to its advisors. "We are also eliminating certain regulatory markups that have been charged to you in the past. As your partner, we are committed to ensuring our pricing is fair and competitive in the marketplace. We also continue to leverage our size and scale to invest in your business,...