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.