Cetera Attracts Record $6.3 Billion in Assets Through Third Quarter Recruiting
LOS ANGELES, Oct. 11, 2022 /PRNewswire/ -- Cetera Financial Group, one of America's largest networks of financial professionals, announced today that it attracted a record $6.3 billion through third quarter recruiting efforts. The success is a result of a series of large-scale recruiting wins from across the industry, as advisors affiliated with Cetera for expanded capabilities, better support, and an independent model that empowers advisors to best serve their clients without limitations. The $6.3 billion in third quarter assets represents nearly double the assets recruited in the second quarter of 2022, which was previously a record quarter.
Record quarter driven by key affiliations as advisors continue to seek independence combined with leading resources and support
LOS ANGELES, Oct. 11, 2022 /PRNewswire/ -- Cetera Financial Group, one of America's largest networks of financial professionals, announced today that it attracted a record $6.3 billion through third quarter recruiting efforts. The success is a result of a series of large-scale recruiting wins from across the industry, as advisors affiliated with Cetera for expanded capabilities, better support, and an independent model that empowers advisors to best serve their clients without limitations. The $6.3 billion in third quarter assets represents nearly double the assets recruited in the second quarter of 2022, which was previously a record quarter.
"Our third quarter success is a testament to a collective effort from our business development team and multiple teams across Cetera, including transitions, marketing, technology, advisory, our c-suite, and the leadership efforts within our communities," said John Pierce, head of business development at Cetera. "Everyone is rowing in the same direction, and we are pleased with the results. To capitalize on this momentum, we plan to expand the business development team further to set us up for continued success in the fourth quarter and into 2023. As advisors increasingly seek independence combined with leading support and resources, we are positioned well to stand out and attract even more financial professionals to Cetera."
Key third quarter affiliations include:
- 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.
- Three teams managing more than $550 million affiliated with Cetera Advisor Networks. The teams are led by three seasoned advisors: Nuno Pereira, Jim Lohnes, and Brenton Schmidt. Pereira and Lohnes were formerly affiliated with PlanMember Securities, while Schmidt was formerly affiliated with LPL.
- Mutually Focused Financial Advisors, LLC, joined the Cetera Advisors community, managing more than $174 million.
- Old Second Wealth Management, led by advisor Shahzad Shamsuddin, affiliated with Cetera Financial Specialists, LLC, which serves tax professionals who offer wealth management services. Old Second Wealth Management oversees nearly $150 million for clients and was formerly affiliated with LPL.
- Cramer Capital Management, led by founders and advisors Bruce and Dawn Cramer, joined Cetera Advisor Networks. The Kansas City-based team was formerly affiliated with Commonwealth Financial Network and manages $140 million for clients.
The record quarter follows several key home office hires, as Cetera bolstered its business development team earlier in 2022, and plans to expand further in fourth quarter 2022. In April, Cetera further complemented the team with the addition of industry veteran Steve Dripchak, a senior recruiter who joined the team from Securities America. Dripchak covers the mid-Atlantic region, including New Jersey, Pennsylvania and Ohio.
Visit www.cetera.com for more information.
Cetera Financial Group (Cetera) is a leading financial services firm whose purpose is to enable the delivery of best-in-class financial advice to as many Americans as possible. Cetera empowers its financial professional communities to help clients achieve their version of financial wellbeing through the Advice-Centric Experience®. Cetera proudly serves independent financial professionals, tax professionals, banks and credit unions in providing wide-ranging financial planning and wealth management services.
Cetera oversees approximately $353 billion in assets under administration and $122 billion in assets under management, as of December 31, 2021.
Visit www.cetera.com, and follow Cetera on LinkedIn, Twitter and Facebook.
"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists, LLC. All firms are members FINRA/SIPC. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
Cetera is under separate ownership than any other named entity.
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SOURCE Cetera Financial Group
