Los Alamos (N.M.) National Bank is transitioning its retail wealth management program to Cetera Financial Institutions with an eye to expanding its advisory platform, Cetera announced.
The renewed relationship—the bank previously partnered with Cetera up until seven years ago—will allow Los Alamos National Bank to provide multiple fee-based wealth management offerings in order to grow and operate more effectively in response to rising investor expectations of fiduciary care, Cetera says.
The bank’s wealth management program has six financial advisors located in Los Alamos, Santa Fe and Albuquerque who provide financial planning, retirement, insurance and investment management services to individuals, families, non-profit organizations and community foundations.
Los Alamos National Bank brings $85 million in assets to Cetera, with additional assets to be transitioned in the future, Cetera says. The bank has $1.4 billion in total assets.
Cetera Financial Institutions is the division of Cetera Financial Group that focuses on serving wealth management programs of banks and credit unions.
The bank serves Northern New Mexico.
The move expands Cetera’s geographic footprint in New Mexico and increases the number of banks and institutions on the Cetera Financial Insitutions platform, says LeAnn Rummel, president of Cetera Financial Institutions. The bank is expected to move more assets to the Cetera platform in the near future, she says, although details cannot be released as yet.
“Los Alamos National Bank was previously with Cetera and we are glad to see them back,” Rummel says. ”They are one of the largest locally owned banks in New Mexico. This is an important move for them in providing holistic retirement and investment services for their clients.”