Cetera Financial Group announced Tuesday that it was embarking on a unified rebranding that would change the names of its four broker-dealers, but would “not change the way Cetera and its firms operate.”
Pending regulatory and other approvals, said Valerie Brown (left), CEO of Cetera, the changes will begin in the fourth quarter and be complete by early 2013. In accordance with the plan, the renaming will reflect the continuing nature of the four firms supporting advisors, financial institutions and tax and accounting professionals.
Financial Network Investment Corp. will be renamed Cetera Advisor Networks. The advisors who use the Financial Network name will be able to continue to do so as a DBA, said Brown, but the new name reflects the “relationship-driven teams and high-touch service” provided by the home office.
Multi-Financial Securities Corp., which focuses on “highly entrepreneurial” advisors, will become Cetera Advisors. Advisors will still be able to connect directly to the home office through their OSJs.
Self-clearing PrimeVest Financial Services, which focuses exclusively on financial institutions—banks and credit unions—will become Cetera Financial Institutions.
Genworth Financial, which was acquired this year by Cetera, will become Cetera Financial Specialists and maintain its focus on supporting tax and accounting professionals.
According to Brown, while the new brand structure will not affect operations throughout the firm, it will permit “further growth and development of shared services, support and technology” for advisors, as well as increasing brand awareness and supporting recruiting efforts for regions and branch offices.
It will also, she added, make it easier for clients “to understand the relationship between their advisor, the advisor’s broker-dealer and Cetera Financial Group.”
Change dates will be staggered, to keep support at a high level, and client impact should be minimal. Accounts need not be repapered. In addition, Brown added, the boutique feel and personal relationships with broker-dealers will continue.