Cathay Bank Leaves LPL to Rejoin Cetera Financial Institutions Platform
Cetera Financial Group, a network of independent broker-dealers, announced that Cathay Bank will transition its retail wealth management program back to the Cetera Financial Institutions platform after a brief period away. Cetera Financial Institutions is the Cetera firm specifically focused on serving the wealth management programs of banks and credit unions.
Previously affiliated with LPL Financial, Cathay Bank is a Los Angeles-based bank that opened in 1962 to serve the needs of Chinese-American clients in Southern California. The bank is a subsidiary of Cathay General Bancorp, a publicly-held bank holding company with more than $14.5 billion in assets and 58 branches across the United States and one in Hong Kong. Cathay Bank currently offers wealth management services in the U.S. only.
Cathay Bank’s retail wealth management program maintains more than $507 million in brokerage assets and focuses on providing financial planning, retirement, insurance and investment management services.
“Cathay Bank’s decision to rejoin our platform reaffirms once again the strength of our service culture and expertise in serving financial institutions…,” said LeAnn Rummel, president of Cetera Financial Institutions. “We believe Cathay Bank will be the first of a number of institutions that, after a brief period of working with other platforms, develop an even greater appreciation for Cetera Financial Institutions’ value proposition and decide to return to the fold.”
Cathay Bank originally left Cetera following the structured bankruptcy of its parent company, RCS Capital, which restructured Cetera as a private, independent retail business with no remaining ties to Nicholas Schorsch’s legacy firm.
Cetera Financial Group is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions. Cetera Financial Institutions is a marketing name of Cetera Investment Services LLC.
