Daniel R. Levy, President, CEO and founder of independent broker-dealer North Ridge Wealth Planning LLC, has joined Cetera Advisor Networks LLC as a regional director. He brings $2.5 billion in client assets to the deal.
Under the agreement, Levy has closed down North Ridge Securities Corporation, the firm’s investment banking division (IBD) he also founded in 1990, and dropped its RIA in order to accept the position with Cetera, a much larger IBD.
Cetera spokesman Sean Mogle confirmed that although Cetera CEO Robert Moore recently announced he would step down for health reasons, the announcement was unrelated to Levy’s decision. He said that Cetera Chairman Benjamin Brigeman will serve as interim CEO after Moore assumes an advisory position on March 31.
Mogle said that for the past six months, Levy had worked with Cetera President Thomas Taylor’s team on the transition. According to Mogle, Cetera offered Levy a deal he could not refuse, which included the cost of technology and compliance; future recruiting capabilities; and keeping Pershing LLC, a subsidiary of The Bank of New York Mellon, as a clearing firm.
Mogle confirmed that all 17 of North Ridge’s Melville, Long Island advisors would be joining Levy at Cetera. He said that Cetera would work with Levy to recruit new advisors as older ones retired by providing them with the cutting edge technology many expected and needed to succeed.
Cetera Advisor Networks LLC, founded in 1983, is a division of Cetera Financial Group, headquartered in El Segundo, Calif.