Cetera Holdings Taps Former Fidelity Executive for New CEO
Cetera Holdings, the holding company of Cetera Financial Group, one of the nation’s largest networks of independently managed broker-dealers, announced that it has appointed Mike Durbin, previously a senior executive with Fidelity Investments, as chief executive officer.
In addition, Cetera says Durbin will serve as a member of the Cetera board of directors. Adam Antoniades will continue to serve as CEO of Cetera Financial Group and as a member of the board of directors.
According to Cetera, Durbin is “uniquely qualified” to accelerate the organization’s strategy, introducing adjacent capabilities and channels and expanding Cetera’s addressable market. In his most recent role at Fidelity, Durbin was head of Fidelity Institutional, which during his tenure was the division of Fidelity Investments dedicated to serving third-party advisors and institutions with custody and clearing, third-party product and asset management services, Fidelity Asset Management product marketing and distribution, and Fidelity Capital Markets.
Previously, Durbin served as head of Fidelity Institutional Investment and Technology Solutions, president of Fidelity Wealth Technologies, and president of Fidelity Institutional Wealth Services. Prior to joining Fidelity, Durbin held various leadership positions at Morgan Stanley, including chief operating officer of the national sales division of Global Wealth Management, head of International Private Wealth Management and chief strategic and risk officer for the Global Individual Investor Group.
“We are extremely excited to welcome Mike to the team and look forward to working together to achieve long-term success for Cetera and our advisors,” Antoniades said. “Mike’s deep expertise and background in the registered investment advisor, retirement and custody and clearing space, as well as his proven track record of leadership and innovation, will help Cetera further solidify its position as the ultimate destination for financial advisors and institutions.”
Cetera supports advisors to affiliate in whichever way they deem most appropriate. During the professional life cycle of their practice, the Cetera Wealth Hub helps to ensure each advisor’s affiliation model ignites growth levers in a way that helps increase the value of their practice, people, and legacy. For financial professionals, financial institutions and large enterprise leaders Cetera provides growth and succession resources, a leading-edge advisor tech stack and importantly, an experience where financial professionals are an integral part of a rich and thriving ecosystem.
“I am honored to join a thriving industry leader at a pivotal time in the financial advice industry,” Durbin said. “Cetera is well positioned for exponential growth by continuing to deliver new and innovative capabilities to advisors through its Wealth Hub, and truly meet the changing needs of today’s top advisors. I look forward to working alongside such an extraordinary team in the service of financial professionals and institutions.”
“Cetera is in a position of strength and poised to capitalize on today’s opportunities, and Mike is well qualified to lead the organization to and through its next chapter of success,” said Tony Salewski, managing partner at Genstar Capital. “We look forward to continued execution of our new five-year plan and achieving meaningful growth together with Mike, Adam and the entire Cetera team.”
Cetera Financial Group serves more than 8,000 independent financial professionals and their teams, including tax professionals, banks and credit unions in providing financial planning and wealth management services. Cetera oversees approximately $330 billion in assets under administration and $116 billion in assets under management, as of March 31, 2023.
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