Cetera Lured Advisors With Nearly $3B in Assets in Q1

Cetera Financial Group added almost $3 billion in assets under administration through its organic recruiting efforts during the first quarter of 2023, it said Thursday.

Also underscoring the “positive first quarter momentum,” it said, were two new strategic relationships with financial institution investment programs: Mechanics Investment Services and UNCLE Wealth Management.

The result followed a strong 2022 in which the firm said it attracted over $13 billion in assets through organic recruiting in 2022. That result represented a record year for Cetera’s business development team and was up from about $10 billion in 2021.

“Key affiliations continue from across the industry as advisors seek independence and embrace Cetera’s wealth hub capabilities,” the firm said.

The strong quarter reflected advisors’ continued interest in Cetera’s wealth hub that it said “empowers advisors to affiliate in whichever way they deem most appropriate and supports advisors throughout their professional lifecycles.”

“As today’s financial advisory landscape continues to evolve, advisors are drawn to a relationship with a partner who can support them through all stages of their careers and address their changing needs,” according to Tom Taylor, chief sales and growth officer at Cetera.

“We expect continued positive momentum as advisors appreciate the value in Cetera’s growth and succession resources, enhanced advisor tech stack and a personalized experience where they never feel like a number,” he said in a statement.

Key Q1 affiliations for Cetera included:

• The advisors of Rohlik Financial Group joined Cetera Advisor Networks through AdvisorNet Financial, one of the largest regions within Cetera Advisor Networks. Rohlik Financial Group, led by Brent Rohlik and Suzanne Holt, meanwhile, oversaw about $1 billion in assets under administration for clients, as of Jan. 30.
• Three teams managing about $610 million in AUA, as of Jan. 30, 2023, joined Cetera Advisors via Totus Wealth Management.
• The advisors of Wooster Square Advisors joined Cetera Advisor Networks via Cetera Wealth Partners. Led by managing partner and wealth manager Brett Amendola, Wooster Square managed about $250 million in AUA, as of Jan. 30, and was previously affiliated with Park Avenue Securities.
• Adam Rekasie joined Cetera’s branch community, Cetera Investors. Previously affiliated with Citizens Securities, Rekasie has 17 years of experience as an advisor and managed about $106 million in AUA, as of Jan. 30.
• The advisors of True Wealth Advisory Group affiliated with Cetera Advisor Networks via Cetera Wealth Partners. The True Wealth Advisory Group team managed about $206 million in AUA, as of Jan. 30.

Cetera oversaw about $322 billion in AUA and $115 billion in assets under management, as of Dec. 31.

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