HBW, An $820 Million Firm Gives Up B-D, Joins Cetera As OSJ

HBW Partners, a financial services firm headquartered in Simi Valley, Calif., is joining Cetera Advisor Networks, Cetera announced Wednesday.

In making the transition, HBW will give up its broker-dealer business, HBW Securities, to become an office of supervisory jurisdiction. HBW has $820 million in advisory and brokerage assets. The transition is expected to be completed in the third quarter of this year.

The move continues what many believe is the beginning of a trend for small B-Ds to exit the brokerage business and affiliate with larger firms as compliance and technology costs increase.Barney Hellenbrand, chief executive officer of HBW Partners, said the transition to will enable the firm to eliminate the regulatory burdens associated with being a broker-dealer, while maintaining an independent firm under its own brand name.

The financial advisors affiliated with HBW support retail investors across a wide spectrum of wealth levels, ages and professional backgrounds, providing fee and commission based financial guidance.