Avantax President Todd Mackay has been appointed president of Cetera Solutions and will serve on the Cetera executive leadership team, Cetera Financial Group announced today.
Andy Watts will assume Mackay's former role as Cetera's tax channel leader, overseeing Avantax, an affiliate of Cetera Financial Group, and Cetera Financial Specialists, which has a combined community of more than 4,000 independent financial professionals, Cetera said. Ron Krueger will continue in his role as the leader of the Cetera Financial Specialists Community.
The move sets Cetera up for future growth across its business lines, the company said in making the announcement. In his new role, Mackay will oversee the digital products and investment products and services for Cetera advisors and end clients.
“Todd is an established and talented leader whose vision will help propel Cetera through its next growth phase in service to our financial professionals and their clients," Mike Durbin, CEO of Cetera Holdings, said in a statement. "In his years at Avantax, he has proven his unique ability to connect with the Avantax community and strategically lead the organization through instrumental change.”
“This appointment is yet another example of the ongoing and successful assimilation with Avantax and represents an important win for the entire Cetera organization that positions us extremely well for the future," Durbin added.
In his 20-year career, Mackay led Avantax to record levels of recruited advisors and assets, drove advisory asset flows to the highest levels in the company's history, created an organic growth engine through various sales enablement programs and platforms, and developed highly successful new-affiliation and succession models through Avantax Planning Partners, Cetera said.
"It's been a true honor leading Avantax, and I'm incredibly proud of the growth and accomplishments the Avantax community achieved thanks to our amazing financial professionals and our devoted home office team. I will continue working with Avantax in my new Cetera role,” Mackay said in a statement.
Cetera said it expects no significant changes to the operations of Avantax's home office in Dallas, or Cetera Financial Specialists' home office in Schaumburg, Ill.