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Cetera Tag

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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...

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Cetera Replaces CEO Roth With Moore as RCS Bankruptcy Woes Fade

14:23 02 September in In the News by rafferty

September 1, 2016 By Janet Levaux, ThinkAdvisor The IBD appears to be replacing a ‘wartime leader’ with a ‘peacetime leader,’ one observer says Less than a week after talk of a possible change at the top, Cetera Financial Group says board Chairman Robert J. Moore will take over as CEO from Larry Roth on Sept. 12. According to Moore, Roth will stay on as a consultant through year-end. Board member Robert Dineen is set to become the acting nonexecutive chairman of Aretec, Cetera’s parent company. “This transition was driven by the board and its assessment of the company’s future … and what it wanted to do that would be best” for the firm, its roughly 9,000 affiliated advisors and their clients, Moore said in an interview with ThinkAdvisor. “They asked me to consider the role in...

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Roth Tells Cetera Reps He’ll Bring ‘Clarity’ on Leadership Soon

00:06 31 August in In the News by rafferty

August 30, 2016 By Janet Levaux, ThinkAdvisor The executive sent a memo to the IBD's 9,000 reps on Monday amid intense industry chatter Amid intense industry speculation that he could be pushed out, the head of Cetera Financial Group is telling its 9,000 affiliated industry reps to sit tight. “We have been exploring certain potential future options for our leadership structure as we enter the post-strategic transformation phase of development for our company. We expect to be able to provide clarity on this within a matter of days,” Larry Roth explained in a memo sent to advisors Monday, according to a copy of the memo obtained by ThinkAdvisor from an industry source. “In the meantime, please be assured that changes to our leadership structure — if any — will be driven by the best interests...