Cetera Launches New Organizational Structure and Leadership Changes
Cetera Financial Group, a network of independent broker-dealer firms, has launched a new two-channel organizational structure where its six firms will be organized under the newly-created “traditional” and “specialty” channels.
Cetera Financial Group, a network of independent broker-dealer firms, has launched a new two-channel organizational structure where its six firms will be organized under the newly-created “traditional” and “specialty” channels while keeping each firm’s brand, service model and culture.
The traditional channel, led by Brett Harrison, includes Cetera Advisors, First Allied Securities and Summit Brokerage Services and will support ensemble practices, producer groups and smaller advisory practices. Summit Brokerage Services will continue to be headed by Marshall Leeds, its CEO.
The specialty channel, which includes Cetera Advisor Networks, Cetera Financial Institutions, and Cetera Financial Specialists, will support large teams, financial institution-based wealth management programs, and advisors with roots in tax advisory work.
Tom Taylor will lead the specialty channel and will continue to serve as CEO and president of Cetera Advisor Networks, while LeAnn Rummel will remain president of Cetera Financial Institutions, and Gregg Ruvoli will continue to serve as president of Cetera Financial Specialists.
“The launch of our traditional and specialty channels is a logical outgrowth of our recruiting and retention success last year, which was driven by enhanced advisor support from increased collaboration among our network firms,” said Cetera CEO Robert Moore.
He added, “This step not only furthers our mission to redefine what it means to deliver financial advice, but also reflects Cetera’s distinctive ability to serve financial advisors under business and affiliation structures that require a specialty set of resources, expertise and support to help fuel their success.”
In a related move, Cetera recruited Mimi Bock to serve as president of both Cetera Advisors and First Allied Securities. Most recently, Bock served as executive vice president, national sales and consulting at LPL Financial.
Cetera appointed Catherine Bonneau, most recently CEO of Cetera Financial Institutions, to the role of chief operating officer for Cetera Financial Group.
Tim Stinson, who previously served as national sales manager for wealth management, was promoted to the newly-created position of Cetera’s head of wealth management.
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.
