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Appointment of former LPL exec Robert Moore to Cetera’s board could help embattled B-D restore its brand

18:54 21 May in In the News by rafferty

May 20, 2016

By Bruce Kelly, Investment News

People inside and outside the company say word of the new chairman has already given a lift to morale of advisers

The pending appointment of Robert Moore, an experienced broker-dealer executive, to serve as chairman of Cetera Financial Group, could help the embattled B-D restore its brand and has already given a lift to the morale of its advisers, according to people both inside and outside the company.

A source familiar with Cetera’s plans told InvestmentNews this week that Mr. Moore, the former president of the nation’s largest independent broker-dealer, LPL Financial, would be named non-executive chairman in the coming weeks as the board is revamped.

Cetera moved one step closer to implementing those plans Thursday after its parent company,

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DOL Storm Watch

16:49 06 April in In the News by rafferty

April 4, 2016, Financial Advisor Magazine

Author Dan Jamieson’s article opens with, “It wouldn’t be an overstatement to say that independent broker-dealers spent the first two weeks of March in a state of paralysis, awaiting the final outcome of the Department of Labor’s fiduciary rule…”

“I’d have to say, [Cetera has] done a good job of keeping their reps intact,” says recruiter Henschen. He adds that the Advisor Group didn’t have the extended period of bad press Cetera did.

Read the full article from Financial Advisor Magazine.

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ThinkAdvisor

Cetera’s Roth: RCAP Filing Is ‘Fresh Start,’ With Money for Rep Retention

14:54 29 March in In the News by rafferty

March 28, 2016

By James J. Green, ThinkAdvisor

 

RCS Capital Corp. (RCAPQ) announced Monday that some of the holding companies of its broker-dealers, and other debt holders, filed a prepackaged plan of reorganization under Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware.

Larry Roth, CEO of the IBD network Cetera Financial Group, which RCAP purchased in January 2014 and includes 10 broker-dealers, said in a statement that the filing “puts us in the home stretch to complete our transformation into a Cetera-only organization that is independent, well-capitalized and privately owned.” He said the reorganization, now scheduled for completion by May 2016 (pending bankruptcy court, regulatory and other approvals) “will truly be a fresh start for Cetera that will include significant additional capital for us.”

That capital will help fund a retention program for eligible Cetera-affiliated advisors in the new Cetera-only company.

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