Cetera Keeps First Allied Brand After BD Closure
Cetera plans to host a conference for First Allied representatives in February and will hold similar events for its other brands, the CEO adds.
First Allied, which has nearly 450 advisors tied to its brand, organizes study groups, an advisor council and other activities. “It has a special place in my heart,” said Antoniades, “as some of its advisors are 30-plus year friends of mine.”
But recruiter Jon Henschen says not all advisors are happy about the BD consolidation strategy. “Essentially, they are taking broker-dealers like Summit and First Allied, converting them into super offices of supervisory jurisdiction (OSJs) … . It is an effective recruiting sales technique but does it deliver? We hear mixed results.”
Antoniades, though, insists the strategy is advantageous overall for Cetera and its advisors. “We are harmonizing our technology stack, AdviceWorks, and have introduced two succession solutions over the last few months. We aim to improve the offerings for advisors [from these] perspectives.”
As of Dec. 31, 2021, Cetera had roughly $353 billion in assets under administration and $122 billion in assets under management.
(News about First Allied dropping its FINRA registration was first reported by WealthManagement.)
