Home News Summit to Drop Broker-Dealer Status and Join Another Cetera Firm

Summit to Drop Broker-Dealer Status and Join Another Cetera Firm

Summit Brokerage, an independent broker-dealer within the Cetera Financial Group network, will be joining another Cetera firm, Cetera Advisor Networks as an independent advisor group, rather than an independent broker-dealer.

Summit Brokerage, an independent broker-dealer within the Cetera Financial Group network, is dropping its broker-dealer status and will join another Cetera firm, Cetera Advisor Networks, as an independent advisor group and will retain its brand and current leadership.

Cetera claims the move “alleviates the operational and regulatory burdens of operating as an independent broker-dealer.”

Summit, which has more than 450 financial advisors overseeing approximately $17.5 billion in client assets, will become one of the largest of Cetera’ independent advisor group’s this summer, pending FINRA approval.

Marshall Leeds will continue to serve as Summit’s president, along with his existing management team.

“Removing the operational and regulatory challenges of operating a broker-dealer will allow the Summit region to be fully focused on enhancing the advisor experience, elevating our award-winning service model and recruiting new advisors,” said Leeds. “We anticipate a seamless transition, and the initial sentiment with advisors and employees is high.”

Cetera Financial Group is the second-largest independent financial advisor network in the nation by number of advisors, and includes Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, and First Allied Securities.

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