Cetera Appoints UBS Veteran to Board of Directors
Marten Hoekstra
Industry veteran Marten Hoekstra has joined Cetera Financial Group’s board of directors. Hoekstra has nearly 30 years of experience in leadership roles at UBS and its predecessor firm PaineWebber and has a deep understanding of the wealth management industry. As the newest member of Cetera’s board, Cetera said Hoekstra will be instrumental in guiding Cetera’s organic growth strategies through recruitment, retention, and asset growth.
“I have known Marten for many years, and it is abundantly clear that he is among the best and brightest leaders in our industry,” said Mike Durbin, chief executive officer of Cetera Holdings.
“Marten’s background in the wirehouse space, global wealth management expertise, and deep knowledge of the financial advice industry position him perfectly to help propel Cetera to and through its next phase of growth. I look forward to working closely with Marten and the rest of the board to advance Cetera’s long-term goals and serve our financial professionals.”
“Cetera is uniquely positioned to capitalize on today’s rapid industry convergence,” Hoekstra said. “I am aligned with Mike and the broader Cetera team philosophically and welcome the opportunity to join them. It is unusual to see a firm so well-positioned for continued growth. Cetera’s delivery of flexible service and affiliation capabilities and deliberate approach to making the big feel small make them a standout. I am very enthusiastic about what we have in front of us at Cetera.”
In recent C-suite news, Cetera named Michael Molnar its new head of corporate development in April 2024, replacing Ken Bond, and focusing on acquisitions and succession solutions.
Hoekstra’s experience includes multiple leadership roles at UBS, where he served as CEO of UBS Wealth Management Americas, as a member of the UBS Group Executive Board and Deputy CEO within Global Wealth Management. His career in the industry started with an adviser trainee position in Grand Forks, N.D. He went on to spend 26 years at UBS and its predecessor firm PaineWebber.
The appointment of Hoekstra follows private equity firm Genstar Capital’s recent reinvestment in Cetera, completed in December 2023. Genstar’s original investment was in 2018 and drove organic growth, such as Cetera growing its advisers by 70% and more than doubling its employees.
According to Cetera, the reinvestment is enabling ongoing deployment of capital to support Cetera’s continued expansion through organic growth, mergers and acquisitions, and new markets.
Cetera Financial Group serves more than 12,000 independent financial professionals and their teams, including tax professionals, banks, and credit unions in providing financial planning and wealth management services. Cetera oversees more than $505 billion in assets under administration and $213 billion in assets under management, as of March 31, 2024.
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