Cetera Holdings announced that Adam Antoniades will retire from his position as CEO at Cetera Financial Group at the end of the year.
Mike Durbin, who became CEO of parent company Cetera Holdings in May 2023, will serve as CEO for both Cetera Holdings and Cetera Financial Group and oversee "the company's ongoing growth and strategic direction," the company said in a press release today. Durbin had spent more than a decade in a variety of positions at Fidelity Investment, including as head of technology and its RIA custodial unit.
Antoniades will remain with the Cetera as a member of its board of directors, "focusing on working with Cetera's most mature practices to develop strategic growth plans," the press release said.
Antoniades became CEO of Cetera in 2019, eight months after its CEO RJ Moore abruptly resigned resigned. It was Moore who led the buyout of Cetera by Genstar. Sources said Cetera's board conducted a search inside and outside the firm before deciding upon Antoniades.
In a prepared statement, Antoniades said, "These 35 years have been incredibly rewarding. I wouldn't change any of it. However, now is the right time to focus on a different part of my life, especially my family and friends. I am incredibly proud of what we've accomplished at Cetera, and I look forward to the company's continued success. Cetera is in its strongest position yet, thanks to our partnership with Genstar and the talented leadership team. The best is yet to come."
Cetera Financial Group consists of a network of independent retail firms that includes Cetera Investment Advisers, a registered investment advisor, and the following Finra/SIPC members: Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions or Cetera Investors) and Cetera Financial Specialists.
From 2019 to 2024, with Antoniades as CEO, Cetera acquired nine companies, raised assets under management by 200% and increased revenue by almost $2.8 billion, the company said.
"The company has enhanced its advisor offering to include proprietary platforms like AdviceWorks and Growth 360, better serving advisors and becoming a magnet for advisors looking for the industry's best growth resources, tools and support for business success," the press release said.
WIth about 12,000 financial professionals, Cetera had more than $521 billion in assets under administration and $224 billion in assets under management as of the end of June, the press release said.