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Financial Planning > Behavioral Finance

Cetera Added 62 Advisors in Q3

By Michael S. Fischer

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Cetera Financial Group reports that it added 62 financial professionals to its network in the third quarter, recruiting them from more than 20 independent and wirehouse rivals.

Related: How Cetera Is Helping Its Advisors Navigate the Pandemic

Wilde Wealth Management, an affiliate of Cetera Advisors, recently brought on board a firm focused on clients working in medicine, Mosaic Financial Associates, which oversees upward of $100 million in assets under management.

Anthony Williams, Mosaic’s president, and Marcus Ortega, the firm’s chief executive, said that among their reasons for joining the Cetera network were its Advice-Centric Experience and the ability to align with a large leader within the Cetera community.

“Having a firm like Cetera that serves as a partner in growth through its leading technology and professional development programs enables us to expand to more clients and better serve existing clients,” Trevor Wilde, managing director of Wilde Wealth Management, said in a statement.

Cetera said enhancements to its AdviceWorks have attracted new teams, such as some from First Western Bank and Trust, a startup, and the more established Liberty Bank and Trust.

Cetera said, it had also helped fill new positions at Regions Bank and TCF National Bank.

Cetera noted that an analysis earlier this year by Discovery Data showed movement among registered representatives between 2009 and 2019 represented a net loss of wirehouse financial professionals last year.

The firm further noted that it is experiencing this trend firsthand, with heightened interest coming from both wirehouse and insurance channels.

“Cetera’s focus this year has been on driving growth for our network of financial professionals through an unprecedented pandemic,” John Pierce, the firm’s head of  business development, said in the statement. “Modern technology, attractive payouts and professional support have become table stakes.”

The firm includes Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists and First Allied Securities broker-dealers.

Late last year, the IBD group said it had about $240 billion in client assets and 7,000 advisors.

— Related on ThinkAdvisor: 

Michael S. Fischer

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