One of Cetera Financial Group’s broker-dealers has new COO.
Cetera Advisor Networks says it promoted Timothy P. Stone to the position of head of operations. He replaces Thomas B. Taylor, who was recently named president of the independent BD, which has about 2,400 affiliated indie advisors and $75 billion in client assets under administration.
“Tim [Stone] has been a valuable member of Cetera Advisor Networks’ executive team and has made excellent contributions in helping to define the strategy of our firm. He has done an outstanding job as head of supervision, a role in which he has built strong working relationships with our regional directors, OSJs and advisors,” Taylor explained in a statement.
“He has also gained an in-depth understanding of our business and the full spectrum of its operational aspects, making this a natural and well-deserved promotion,” the CEO added.
Stone joined El Segundo, California-based Cetera Advisor Networks in 2013 as head of supervision. Earlier, he worked for National Planning Corp. and Woodbury Financial in compliance and supervision. He also has practiced law, with a focus on elder law and estate planning, and spent over a decade as a civilian and military police officer.
“I am thrilled to be given this new level of responsibility and I look forward to expanding my engagement with all members of the Cetera Advisor Networks community,” said Stone, in a press release. “I am eager to take on additional roles and new challenges in helping to serve the Networks’ organization and to further its distinctive culture and business model, which has been so instrumental to its success.”
The IBD’s earlier president Douglas S. King left the group in January to “pursue entrepreneurial ventures.”
The new leader, Taylor has been in the business for 26 years and joined Cetera Advisor Networks in 1997. He became COO in 2006. Before joining Cetera, he worked for five years as a registered representative at Liberty Securities/IFMG.
The Cetera Financial Group includes about 8,000 affiliated reps with a total of $225 billion in client assets under administration; its other broker-dealers are Cetera Advisors, Cetera Investment Services/Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities and Summit Brokerage Services.
Recently, Carson Wealth Management moved to Cetera Advisor Networks from LPL Financial. Carson Wealth is led by Ron Carson and had been affiliated with LPL since 1989.
Carson Wealth had $2.6 billion of assets with LPL, $1 billion on its advisory platform and $1.6 billion on its brokerage platform, as of Oct. 31; according to Forbes, the advisor and affiliated organizations work with $6.6 million in total assets.
— Check out Ron Carson Completes Move From LPL to Cetera on ThinkAdvisor.