Jay Vinson, who served as head of recruiting and new business for Cetera Advisors, has left the firm after six years.
Cetera is one of several broker-dealers in the Cetera Financial Group, now owned by Aretec (and formerly RCS Capital, which just completed its bankruptcy proceedings).
The roughly 9,000 advisors at Cetera were told of Vinson’s departure last week, according to one industry source. They also learned Cetera Financial Group CEO Larry Roth was being replaced by Robert Moore, who was president of LPL Financial from 2012 to 2015.
“We will not be replacing Jay’s position, as this separation was part of a broader re-engineering of our advisor experience model that makes recruiting an integrated part of a broader continuum of practice management solutions supporting each stage of the financial advisor’s business lifecycle,” said Cetera Financial Group spokesperson Joseph Kuo.
The firm, Kuo added, believes traditional recruiting, “which takes a more transactional approach to transitioning advisors to broker-dealer platforms, has become less relevant in an increasingly complex and heavily regulated industry.”
According to Cetera, recruiting work is now being handled Cetera Financial Group President Adam Antoniades, who is leading up the firm’s Advisor Growth tasks, which also include practice management support for advisors.
“We are continuing to aggressively recruit successful advisors and institutions to our network of firms, and we’re confident that under this enhanced recruiting model, these efforts will be more effective than ever before,” Antoniades said in a statement.
In light of the new Department of Labor fiduciary standard, advisors and institutions “need seamless transition support combined with integrated practice-management resources and tools that empower them to start mapping out long-term business growth plans from the outset when they join our platform,” the Cetera executive explained.
Recruiter Jon Henschen speculated Vinson could end up with the Advisor Group of broker-dealers, which were recently sold by AIG to Lightyear Capital.
“This is the month when Lightyear is free and clear to go after Cetera staff,” after the two reached a legal agreement about the matter, “so perhaps they are bringing Jay in to head recruiting,” he said in an interview.
Calls to the Advisor’s Group’s press representative were not returned as of press time.
In addition, Henschen says, the Advisor Group is likely to make a big recruiting push in the near future.
“It’s my understanding that they want to improve on this as part of the business-growth [push],” he explained. “And they are likely to make some changes there and perhaps make their recruiting efforts more attractive.”
For its part, Cetera has been streamlining its broker-dealer operations. It is closing both Investors Capital and VSR, for instance.
“Certain advisors from these firms who share our network’s values and philosophy will affiliate with Cetera Advisors and Summit [Brokerage Services] respectively, while other advisors were given ample time to identify and transition to other firms that may be culturally and strategically a better long-term fit for them,” according to Kuo.
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