Cetera attracts a record $3.6 billion in the second quarter of 2022
Increased business development results following key additions to the sourcing and engagement team
LOS ANGELES, July 13, 2022 /PRNewswire/ — Cetera Financial Group, one of the largest networks of finance professionals in the United States, today announced that it has achieved record business development results in the second quarter of 2022, attracting over $3.6 billion. The record quarter was fueled by the efforts of Cetera’s Sourcing and Engagement team, which added several new members to the team in 2022.
Several notable financial professionals – individuals and teams – joined Cetera in the second quarter of 2022. In June, the $1 billion The Harvest Wealth team joined Cetera from Merrill Lynch, converting its practice to an independent model to ensure it can serve its clients in the best possible way. Shortly after joining Harvest Wealth, Cetera attracted two firms that manage over $600 million united, led by Mark Nakamitsu* and rick farrar**. In May, Skafco, a financial planning team that manages approximately $300 millionleft Mass Mutual to join the Cetera branch community, while two teams managing nearly $400 million combined – Sonnenfeld Financial Group and Lincoln Capital – affiliated with regions within Cetera Advisor Networks.
“We are pleased with our accelerated business development results as we continue to attract growth-minded finance professionals who value independence along with state-of-the-art tools, resources and support. ‘industry’, said John Pierce, Head of Business Development at Cetera. “Our extended Procurement and Engagement team is deeply committed to ensuring that finance professionals understand the value of being affiliated with Cetera, and the Onboarding and Onboarding team is leading the industry by helping finance professionals join Cetera quickly and seamlessly. We expect continued positive momentum as our teams execute our strategic plan and finance professionals increasingly adopt a more personal and independent for their practice.”
The record quarter follows several key home office hires, as Cetera bolstered its business development team earlier in 2022. In April, Cetera further rounded out the team with the addition of a veteran industry Steve Dripchack, a senior recruiter who joined the Securities America team. Dripchak covers the Mid-Atlantic region, including New Jersey, Pennsylvania and Ohio.
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About Cetera Financial Group®
Cetera Financial Group (Cetera) is a leading financial services company whose goal is to enable the delivery of best-in-class financial advice to as many Americans as possible. Cetera empowers its communities of finance professionals to help clients achieve their version of financial wellness through the advice-centric experience®. Cetera is proud to serve independent financial professionals, tax professionals, banks and credit unions by providing a wide range of financial planning and wealth management services.
Cetera oversees approximately $353 billion of assets under administration and $122 billion of assets under management, December 31, 2021.
Visit www.cetera.com and follow Cetera on LinkedIn, Twitter and Facebook.
“Cetera Financial Group” refers to the network of independent retail companies including, but not limited to, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (trading as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists LLC and First Allied Securities, Inc. All firms are FINRA/SIPC members. Located at: 655 W. Broadway, 11e Floor, San DiegoCA 92101.
Persons affiliated with the Cetera companies are either registered representatives who provide brokerage services only and receive transaction-based compensation (commissions), representatives of investment advisers who provide investment advisory services only and receive fees based on the assets, namely registered representatives and representatives of investment advisers, who can offer both types of services.
*Mark Nakamitsu: Registered Representative offering securities and insurance products through Cetera Investment Services LLC, Member FINRA/SIPC. Advisory services are offered by Cetera Investment Advisers LLC.
**rick farrar: Registered Representative providing securities and advisory services through Cetera Advisors LLC, Member FINRA/SIPC, a broker/dealer and registered investment adviser.
SOURCE Cetera Financial Group