Ex-LPL President Tapped as Cetera Financial Group Chairman
Robert Moore, the former president of LPL Financial, will serve as chairman of Cetera Financial Group when its parent company, RCS Capital (NYSE: RCAP), completes its ongoing bankruptcy proceedings, according to industry reports.
Moore, who currently serves as chief executive officer of institutional money manager, Legal & General Investment Management America, left LPL in March 2015 after being employed by the company in various executive positions since 2008.
Cetera is also shutting down two of its independent broker-dealers, VSR Financial Services and Investors Capital Corporation, with only a select group of advisers being integrated into the company’s other firms.
Cetera Financial Group is a network of independent retail broker-dealers comprised of 10 firms – four Cetera-branded firms (Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services, and Cetera Financial Specialists) along with First Allied Securities, Investors Capital Corporation, Legend Equities Corporation, Summit Brokerage, VSR Financial Services and Girard Securities.
Cetera Financial Group is the second largest independent financial advisor network in the nation by rep count, and LPL is the nation’s largest independent broker-dealer.
The RCAP bankruptcy is expected to conclude this month or in June, after a series of objections threatened to derail the restructuring process. The bankruptcy will allow Cetera Financial Group to emerge as a private, independent retail business with no remaining ties to RCAP.
