Under both Roth and Moore, Cetera suffered some attrition though the number of departing reps were far less than was to be expected for a bankrupt firm. Moore also managed to attract some high-profile advisors like Ron Carson of Carson Wealth Management in Omaha, Nebraska.

The issues frustrating Genstar include Cetera’s large investment in various futuristic technologies, like facial recognition software, that have yet to yield results that reps can put into practice. There had also been discussions about further consolidating two more broker-dealers, First Allied Securities and Cetera Advisors, into a single entity, but internal differences have prevented it.

Also, Summit Brokerage Services CEO Marshall Leeds reportedly is interested in buying back his old firm from Cetera. However, executives at both Genstar and Cetera are reluctant to proceed since Summit boasts some of the best profit margins in the Cetera network.

For Moore, the resignation has to be bittersweet. "It has been an incredible privilege to have had the opportunity to lead Cetera during this important period of transformation and resurgence," he said. "Recently I have been dealing with a health issue that has continued to require treatment and, on advice of my physician, now warrants that I cut back on my current commitments which is essential to my overall recovery. This led to one of the most difficult decisions of my professional career and one that has engendered many mixed emotions. I am truly fortunate to be surrounded by family, friends and colleagues who support me and care about my health."


First « 1 2 » Next