Global Wealth Partners, a California-based independent wealth planning firm, has departed from the Cetera Financial Group and has joined DFPG Investments Inc., a national, full-service, independent broker-dealer and RIA based in Salt Lake City.
The transition follows the announcement of Cetera’s parent company, RCS Capital Corp., filing for bankruptcy on Monday.
Global Wealth Partners, with offices in San Jose and San Diego, brings more than $400 million in assets to DFPG Investments.
Lou Naser, the founder of Global Wealth Partners, has stated, “What initially drew us to DFPG was their unique access to alternative products. We were having difficulty getting access to the types of products our clients needed.” Naser added, “What closed the deal for us, however, were the strong values and culture present at DFPG and in their executive team.”
Regarding the transition, Ryan Smith, president of DFPG said, “The large broker-dealer model can be a good fit for many reps and advisors. However, we are finding more and more reps looking for that boutique and specialized approach that will better accommodate their investors’ unique needs.”