Cetera Financial Group has tapped an executive to take over several operational tasks, including its robo-advice services, at its broker-dealer focused on serving banks and credit unions: LeAnn Rummel is now president of Cetera Financial Institutions, taking over the role from Catherine Bonneau, who remains CEO of the independent broker-dealer and in charge of its strategic efforts, such as the enhancement of its self-clearing business.
“I am enthusiastic about the efforts LeAnn will commit towards enhancing CFI’s growth and the quality of the overall client experience the firm provides,” Bonneau said in a statement. “LeAnn will also implement the development of our expanded wealth management platform, including the addition of a digital advice component, and enhance our services for trust departments and registered investment advisory (RIA) firms, an important growth initiative for CFI’s future.”
Cetera Financial Institutions had some 1,966 affiliated reps as of Dec. 31 and client assets of about $33 billion.
Rummel has been in the financial services industry for more than 30 years. She joined PrimeVest Financial Services, which later became Cetera Financial Institutions, in 1992, and most recently was its national sales director. Previously, the executive was vice president of the financial institutions channel and product marketing for ING Advisors Network’s marketing team.
“I am particularly excited to work on driving forward key strategic initiatives that will reinforce the unique industry leadership position that Cetera Financial Institutions has built over the years,” she explained in a statement. “Following the successful completion of Cetera’s recent strategic transformation process, we couldn’t be more enthusiastic about delivering industry-leading services to the financial institutions we work with, which mirrors the excitement for our future across the Cetera network.”
In May, the Cetera Financial Group — which includes Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, The Legend Group and Summit Brokerage Services — became a stand-alone entity after its then parent company, RCS Capital, wrapped up its bankruptcy proceedings; the renamed firm, Aretec, now serves as a non-operating holding company, and Cetera is its sole operating business.
In addition to her role as CFI president, Rummel is a member of the firm’s executive committee and acts as president of its insurance agencies. She also serves as a board member for the Bank Insurance Securities Association (BISA).