Cetera Financial Group (commonly referred to as Cetera) is a shared service organization serving affiliates that comprise the second-largest family of independent broker-dealers in the United States. The company has nearly 8,000 financial advisors , is a leading provider of retail financial services to investment programs of banks and credit unions, and has over $224.5 billion in advisory and brokerage assets under advisement, generating approximately $1.6 billion in annual revenue for the 2016 fiscal year. "Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, First Allied Securities, Girard and Summit Brokerage Services. All firms are members FINRA/ SIPC.
Cetera was established in February 2010, with the sale of three broker-dealers, Financial Network Investment Corp., Multi-Financial Securities Corp. and PrimeVest Financial Services Inc. to an investment fund managed by Lightyear Capital LLC, a private equity firm specializing in financial services. The three broker-dealers, each with its own rich history and culture, along with their technology and back-office support teams, grew to four firms in April 2012 with the purchase of Genworth Financial's broker-dealer and investment adviser firms, Genworth Financial Securities Corp. and Genworth Financial Advisors Corp.
RCS Capital Corporation purchased Cetera on April 29, 2014, along with other independent broker-dealer and investment advisors including: First Allied on September 25, 2013. ; Investors Capital Corporation and Summit Brokerage on June 11, 2014 ; JP Turner on June 13, 2014 , Girard Securities on March 18, 2015, and VSR Group on May 12, 2015. On May 25, 2016, Cetera completed a transformation into an independent, privately held organization under parent company, Aretec Group, Inc . Through this restructuring process, a new Board of Directors was established, with the sole focus remaining on the company's mission of supporting independent financial advisors and investment programs of financial institutions.
Cetera has corporate offices in El Segundo, California., Boca Raton, Florida., Denver, Colorado., San Diego, California., St. Cloud, Minnesota., and Schaumburg, Illinois.
Video Cetera Financial Group
Timeline
On November 9, 2009, Lightyear Capital LLC, a private equity firm specializing in financial services, announced that an investment fund managed by Lightyear Capital LLC would acquire three broker-dealers, along with their technology and back-office support teams, from ING Group.
The three broker-dealers formed the operating subsidiaries of Cetera when Lightyear completed the acquisition on February 1, 2010, which served approximately 5,000 independent financial advisors and 700 institutions nationwide.
On April 2, 2012, Cetera brought aboard Genworth Financial Securities Corp. and its affiliate, Genworth Financial Advisors Corporation .
Cetera unveiled a new brand structure on September 4, 2012 , in an effort to define each firm's unique brand of independence.
Via this rebranding, beginning Q4 of 2012 through early 2013: Financial Network was renamed to Cetera Advisor Networks; Multi-Financial became Cetera Advisors; PrimeVest became Cetera Investment Services (marketed as Cetera Financial Institutions); and the Genworth firms became Cetera Financial Specialists, the broker-dealer, and Cetera Investment Advisers, the registered investment adviser.
On September 25, 2013, RCS Capital announced the acquisition of First Allied Holdings, Inc.
On October 3, 2013, RCS Capital Announces the acquisition of Investors Capital Holdings Ltd.
On November 15, 2013, RCS Capital announced the acquisition of Summit Financial Services Group, Inc.
On January 16, 2014, RCS Capital announced that it had agreed to purchase Cetera from Lightyear Fund II.
On August 6, 2014, RCS Capital Announces the acquisition of VSR Financial Services.
On March 18, 2015, RCS Capital completed its acquisition of Girard Securities, bringing the total number of broker-dealers affiliated with Cetera Financial Group today to nine.
On May 11, 2016 , Cetera announced the launch of its advisory platform, My Advice Architect , the first segment of the firm's Advice Architect Ecosystem.
In early 2017, Cetera implemented a new strategic blueprint for redefining the delivery of retail financial advice for individuals and families seeking financial well-being. The model is known as The Advice-Centric Experience
Maps Cetera Financial Group
Statistics
Approximately 8,000 financial advisors supported
$224.5 billion in advisory and brokerage assets under advisement
Awards
WealthManagement.com Industry Awards (2017) Finalist: Practice Management for Broker-Dealers with 1,000+ Advisors Finalist: Technology for Broker-Dealers with 1,000+ Advisors
BISA Technology Awards (2017) Won two Bank Insurance & Securities Association Technology Innovation Awards for DOL DynamIQs and Cetera Fastpath programs
References
External links
- Cetera web site
- Cetera Advisors web site
- Cetera Advisor Networks web site
- Cetera Financial Institutions web site
- Cetera Financial Specialists web site
- First Allied web site
- Girard Securities web site
- Summit Brokerage Services web site
- Cetera Retirement Plan Specialists web site
Source of the article : Wikipedia
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