Cetera Financial Group, one of the nation’s largest networks of independently managed broker-dealers, announced that it attracted more than $13 billion through organic recruiting in 2022.
The results represent a record year for Cetera’s business development team, up from approximately $10 billion in 2021. Contributing to the record results, Cetera bolstered its business development team with several new hires and made investments in its onboarding and integration program, Accesslink, in 2022.
“While 2022 was not without its challenges, we are energized and inspired by our results and optimistic about an even better 2023,” said John Pierce, head of business development at Cetera. “Strategic investments in our team and programs are reflected in the record numbers, and it is rewarding to see our strategy delivering intended results. We are setting our sights even higher in 2023, doubling down on last year’s successes with a laser focus on attracting high-quality financial professionals who value a sense of community and industry-best solutions, resources and support.”
Key 2022 recruiting success included:
As The DI Wire previously reported, in December 2022, The Patriot Financial Group, an independent, registered investment advisor managing more than $2.5 billion for clients, affiliated with the Cetera Financial Specialists community. The firm joined Cetera from Securities America with more than 70 advisors across five northeastern states as well as Nebraska and Florida.
In September 2022, 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.
In June, the $1 billion Harvest Wealth team joined Cetera Advisor Networks from Merrill Lynch, converting their practice to an independent model.
During the third quarter, three teams managing more than $550 million affiliated with Cetera Advisor Networks.
In May 2022, Skafco, a financial planning team that manages approximately $300 million, left Mass Mutual to join Cetera’s branch community, while two teams managing nearly $400 million combined – Sonnenfeld Financial Group and Lincoln Capital, affiliated with regions within Cetera Advisor Networks.
Cetera also recently hired Genevieve Sisco, an 18-year industry veteran with experience in matching the cultures of wealth management firms and advisors, as divisional business development director. Sisco has an established track record of embracing change and finding avenues to cultivate transformation of the industry. Prior to Cetera, she worked in business development at SagePoint Financial and held roles at Cambridge Investment Research and ING Advisor Network.
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 $322 billion in assets under administration and $115 billion in assets under management, as of Dec. 31, 2022.
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