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Roth Out at Cetera

Following a week of media speculation, Cetera Financial Group confirmed that board chairman Robert Moore will take over as chief executive officer, effective September 12th.

The news comes just days after current CEO Larry Roth sent out an email to Cetera advisors alluding to an upcoming regime change at the broker-dealer network. Roth will stay on board as a consultant during the transition process, while board member Robert Dineen will take Moore’s place as acting chairman. Adam Antoniades will continue to serve as president.

“Cetera today has clarity on its ownership structure, a healthy balance sheet, additional capital to continue investing in advisor support resources and a renewed sense of enthusiasm for the future,” said Moore. I’m privileged to serve as CEO of this organization, and to leverage my broad experiences to the benefit of Cetera’s advisors and institutions.”

He added, “Towards this end, we expect to have a number of important positive announcements in the coming weeks, from new tools and resources for our advisors and institutions, to significant progress in previously disclosed orderly wind-down and divestiture activities with respect to non-core firms in our network. The board and entire management team are looking forward to embarking upon an exciting new chapter in Cetera’s development.”

As CEO, Roth saw Cetera through the pre-planned bankruptcy of its former parent company, RCS Capital Corp (RCAP), which concluded earlier this year. Roth previously served as the CEO of AIG Advisor Group for nearly eight years before a stint as CEO of RCAP, the brokerage firm founded by Nicholas Schorsch. RCAP’s bankruptcy was tied to a 2014 accounting scandal at an affiliated firm, and with Roth’s departure, Cetera will have no remaining ties to the legacy company.

“Thanks to the swift completion of our strategic transformation process and the retention of the overwhelming majority of our advisors and institutions, we have been able to generate encouraging results for our new shareholders and accelerate to the next stage of our post-transformation strategy, which includes naming Robert Moore as Cetera’s new CEO,” said Dineen.

Moore, the former president of LPL Financial, will be stepping down from his current role as chief executive officer of Legal & General Investment Management America, an institutional money manager.

Cetera is the second-largest independent financial advisor network in the nation with 9,000 advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.

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