Cetera Financial Group is finally free.

Cetera, an El Segundo, Calif.-based network of independent broker-dealers, announced Wednesday that it has emerged from the bankruptcy of RCS Capital.

Cetera will be the only operating business under its parent company, which will allow the company to focus on supporting its independent advisors with new tools and processes.

“We are now, thank goodness, a privately held, independent and well-positioned company,” says Cetera CEO Larry Roth. “The emergence has cleared the runway for us to execute on a lot of initiatives moving forward.”

In recent weeks, Cetera announced Robert Moore, former president of LPL Financial, as its new chairman, dividing the role from that of the chief executive officer. Moore’s appointment became effective with Wednesday’s announcement.

Roth will remain as Cetera’s CEO, and will be appointed to the parent company’s board.

Moore says that while his experience at LPL and his current role as CEO of Legal & General Investment Management America will inform his duties as Cetera’s chairman, Cetera will retain its own culture and identity.

“I have a longstanding belief about heightened levels of transparency and accountability,” Moore says. “The primary way a firm achieves that is by separating the CEO and chair roles. We want to be at the forefront of industry best practices starting with a higher standard of governance. I have no interest in molding Cetera into an LPL-like entity. Cetera has its own DNA and history and trajectory across the business, and I’m a supporter of those traits.”

Cetera also emerges with an additional $150 million in capital infused by its new equity owners. Roth says the funds will be used for investments in technology, advisor growth and “practice management service enhancements.”

Cetera Financial Group was strung together by Nicholas Schorsch, the real estate mogul who owned RCS Capital, in a series of acquisitions that began in 2013 but ended abruptly in 2014 when accounting irregularities surfaced at another Schorsch-controlled firm.

Since 2014, the company has written off a significant value of those acquisitions, forcing it to seek bankruptcy protection.

The bankruptcy process proceeded rapidly after RCS Capital, or RCAP, filed for Chapter 11 restructuring in January.

Last week, a U.S. bankruptcy court in Delaware approved RCAP’s restructuring plan, allowing Cetera to emerge as an independent entity.

“The emergence was important for a number of reasons, the first being that we have work to do,” Roth says. “We have opportunities to service advisors and financial institutions in serving their clients in a new environment. We now have capital and leadership, so we’re in a great place. For a lot of reasons, we think the independent broker-dealer market is void of a true, clear leader. Moving forward, we’re going to help define what independent advice looks like.”

Simultaneously, the company announced that it is shuttering two of its broker dealers, VSR Group of Overland Park, Kan. and ICC Capital Corporation of Lynnfield, Mass., by consolidating them into other Cetera entities.

Last year, Cetera shut down another broker dealer, Atlanta-based J.P. Turner.

Yet the firm has managed to retain most of its advisor corps, said Pete Bush, CEO of Baton Rouge, La.-based Horizon Wealth Management, a Cetera-affiliated office of supervisory jurisdiction with over $1 billion AUM.

“Larry Roth and the senior leadership team of Cetera have persevered against extreme odds in successfully guiding Cetera through a very challenging restructuring process, with virtually no disruption to our day to day business operations or that of the advisors in our group,” said Bush in a statement released by Cetera on Wednesday. “The other top Cetera-affiliated advisors I am close with, like us, were both hopeful and confident this day would come and it has given us renewed confidence in Cetera and its leadership team.”

While Cetera has experienced some attrition from its 9,500-strong advisor workforce during RCS Capital’s bankruptcy, it remains the nation’s second-largest independent financial advisor network in the country by number of advisors.

Last month, Cetera celebrated the completion of its first recruitment since the bankruptcy filing with the addition of Albany, N.Y.-based hybrid Empire Asset Management Group.

“We’re emerging at a time when the needs of our industry have never been greater and the challenges have never been more intense,” Moore says. “We’re ready to take up a leadership role at a time when the financial industry needs leadership on a whole host of issues,” including addressing the impact of the DOL’s fiduciary rulemaking, technological disruption, advisor succession planning and the massive upcoming transition of wealth from baby boomers to younger generations.