Cetera Financial Attracts Record $6.3 Billion in Assets via Third Quarter Recruiting
Cetera Financial Group, a network of independent firms with more than 8,000 financial advisors, reached a record $6.3 billion through third quarter recruiting efforts.
Cetera Financial Group, one of the nation’s largest networks of independently managed broker-dealers, attracted a record $6.3 billion through third quarter recruiting efforts from both wirehouses and other independent firms.
The $6.3 billion in third quarter assets represents nearly double the assets recruited in the second quarter of 2022, which was previously a record quarter.
“Our third quarter success is a testament to a collective effort from our business development team and multiple teams across Cetera, including transitions, marketing, technology, advisory, our c-suite, and the leadership efforts within our communities,” said John Pierce, head of business development at Cetera. “Everyone is rowing in the same direction, and we are pleased with the results. To capitalize on this momentum, we plan to expand the business development team further to set us up for continued success in the fourth quarter and into 2023. As advisors increasingly seek independence combined with leading support and resources, we are positioned well to stand out and attract even more financial professionals to Cetera.”
Key third quarter affiliations include:
- Burrows Capital Advisors, led by 30-year industry veteran and advisor Don Burrows, affiliated with Cetera Advisors via Totus Wealth Management. Burrows and partners/advisors Clint Auttonberry and Michael Agol assist their clients in overseeing more than $3 billion in assets under advisement.
- Three teams managing more than $550 million affiliated with Cetera Advisor Networks. The teams are led by three seasoned advisors: Nuno Pereira, Jim Lohnes, and Brenton Schmidt. Pereira and Lohnes were formerly affiliated with PlanMember Securities, while Schmidt was formerly affiliated with LPL.
- Mutually Focused Financial Advisors LLC, joined the Cetera Advisors community, managing more than $174 million.
- Old Second Wealth Management, led by advisor Shahzad Shamsuddin, affiliated with Cetera Financial Specialists LLC, which serves tax professionals who offer wealth management services. Old Second Wealth Management oversees nearly $150 million for clients and was formerly affiliated with LPL.
- Cramer Capital Management, led by founders and advisors Bruce and Dawn Cramer, joined Cetera Advisor Networks. The Kansas City-based team was formerly affiliated with Commonwealth Financial Network and manages $140 million for clients.
The record quarter follows several home office hires, as Cetera expanded its business development team earlier in 2022 with eight new hires. The company says it plans to expand further in the fourth quarter 2022.
Cetera Financial Group serves independent financial professionals, tax professionals, banks and credit unions in providing financial planning and wealth management services. Cetera oversees approximately $353 billion in assets under administration and $122 billion in assets under management, as of December 31, 2021.
