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John Pierce

Practice Management > Building Your Business > Recruiting

Cetera Reports More Than $3.6B in New Assets For Q2

By Jeff Berman

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What You Need to Know

  • Cetera reported that it added record new assets of over $3.6 billion in the second quarter.
  • The firm attributed the spike to several key additions to its sourcing and engagement team in the first half of 2022.
  • It also added several key advisors and advisory teams in the first half, including Harvest Wealth from Merrill Lynch in June.

A record $3.6 billion in new assets joined the Cetera Financial Group network in the second quarter of 2022, the firm said Wednesday.

Cetera chalked up the quarter’s business development results spike to several key additions to its sourcing and engagement team in the first half of this year. The results also underscored the firm’s efforts to ramp up its business development and recruitment strategy amid ongoing changes in the financial advice sector.

The firm made several key home office hires, strengthening its business development team early this year, it said.

For example, in April, Cetera added industry veteran Steve Dripchak, a senior recruiter who joined the team from Securities America. Dripchak covers the mid-Atlantic region, including New Jersey, Pennsylvania and Ohio.

Also contributing to the results were the additions of several financial professionals, including individuals and teams, now affiliated with Cetera.

In June, for example, the $1 billion Harvest Wealth team joined Cetera from Merrill Lynch, converting their practice to an independent model to help serve their clients, Cetera said.

Shortly after the Harvest Wealth addition, Cetera attracted two practices it said managed over $600 million in assets combined, led by Mark Nakamitsu and Rick Farrar.

In May, Skafco, a financial planning team managing about $300 million, left Mass Mutual to join Cetera’s branch community, while Sonnenfeld Financial Group and Lincoln Capital, two teams that collectively manage almost $400 million combined, affiliated with regions within Cetera Advisor Networks.

“We are pleased with our accelerated business development results as we continue to attract growth-minded financial professionals who value independence and industry-leading tools, resources and support,” said John Pierce, head of business development at Cetera.

“Our expanded sourcing and engagement team is deeply committed to making sure that financial professionals understand the value of affiliating with Cetera, and the onboarding and integration team leads the industry in helping financial professionals affiliate with Cetera quickly and seamlessly,” he said in a statement.

“We expect continued positive momentum as our teams execute our strategic plan and financial professionals increasingly embrace a more personal and independent model for their practice,” he added.

Cetera oversaw about $353 billion in assets under administration and $122 billion in assets under management as of Dec. 31, it said.

(Pictured: John Pierce, head of business development at Cetera)

Jeff Berman

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