Cetera, which was bought by private equity firm Genstar Capital in July 2018, said it has recruited more than 800 advisors adding more than $5.3 billion in assets under administration over the course of 2018, with record results in the fourth quarter of the year.
The results, according to a company announcement released Friday, can be partially attributed to Cetera's revamped recruiting team, which grew in 2018 under a new leader, Mike Murray.
“Cetera built out its largest and most complete business development team with significant field leadership, classifying Cetera as a destination of choice for top talent. The new team is helping execute Cetera's streamlined approach to business development, which delivers a faster and a simplified Advisor end-to-end experience,’’ the release said.
“We are very pleased with our recruiting results for 2018, especially the great momentum we developed toward the end of the year,’’ said Murray, head of Business Development for Cetera. “Advisor response to our new pricing model and revamped business development team has been exceptional. Our advice-centric experience model as well as our Advisor Alignment Program has positioned our firm as one of the most compelling destinations in the industry for independent advisors."
Robert “RJ’’ Moore, CEO of Cetera, added, “We are excited to be moving forward in 2019 propelled by the solid recruiting momentum we achieved last year. Advancing the advice-centric experience in collaboration with our advisor base is a unique formula for success that enables mutual growth for the firms and our advisors, and optimal outcomes for clients.”
Cetera works closely with its existing advisor base to drive growth, the release noted. This year, the company is collaborating with AdvisorNet, BAR Financial, Horizon Wealth Management, the Carson Group, and others to execute cooperative marketing and sales strategies. The programs include training, education, sales enablement and performance marketing.
Dan May, president and CEO of AdvisorNet and Regional Director with Cetera Advisor Networks, said Cetera has been helping to put in place a number of growth initiatives for AdviserNet’s existing advisors over the past six months. “We seem to be working on a new one every week. It is so exciting to see how much interest advisors are showing in our organization because of the help Cetera's Business Development team is delivering,’’ he said.
Ron Carson, CEO and founder of The Carson Group, added "2019 will present a number of opportunities and challenges for advisors. Cetera understands as well as anyone the role we play in helping advisors grow sustainable, client-centric businesses. Our relationship is centered around a shared mission to provide guidance, support, and an incredible experience so advisors are empowered to deliver unmistakable value to their clients.