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John Pierce, head of enterprise improvement at Cetera Monetary Group who led the agency’s recruiting efforts, is leaving the corporate.
A number of sources near the corporate stated Pierce had acquired a backyard depart package deal. Pierce confirmed his departure, saying he’s staying on till April 1, 2024, to assist the agency regulate its recruiting technique to at least one he characterised as extra “downstream,” a suggestion the agency will look to deliver onboard extra advisors from the registered funding advisory house versus conventional registered reps.
“I’m consulting with the CEO of Cetera, Mike Durbin, as we implement a recruiting technique that strikes recruiting nearer to the tip person,” Pierce stated in a press release. “I’m 100% supportive of this downstream technique for recruiting. As we entered a brand new Genstar fund a number of weeks in the past the timing was excellent for all events. I might be working with Mike till my sixtieth birthday on April 1, 2024, splitting time between Juno Seaside, Fla. and Breckenridge, Colo.”
Pierce declined to remark additional.
“Anytime there’s a liquidity occasion like Genstar’s latest reinvestment in Cetera, it’s common for leaders equivalent to John to reevaluate their private {and professional} choices,” stated a Cetera spokesperson. “Cetera has no plans to exchange John’s place however as an alternative will align our recruiting staff with our channel construction to raised help advisors’ altering wants. We thank John for his many contributions to Cetera and need him effectively in his future endeavors.”
Final month, Genstar Capital, Cetera’s non-public fairness proprietor, closed on its deal to reinvest contemporary capital into the agency from two its latest funds, Fund XI and Fund X. As an fairness holder in Cetera, Pierce stands to obtain a major achieve from that liquidity occasion.
Pierce joined Cetera in June 2020 after leaving Stifel Monetary, the place he served in an identical function. He changed Michael Murray, who left Cetera a number of months previous to that.
One supply near the corporate, who declined to be named, stated the transfer was half of a bigger reorganization happening at Cetera, with Durbin bringing within the leaders he needs.
“Mike goes to think about recruiting somewhat bit otherwise primarily based on his RIA background, and what enterprise improvement means to a company like Cetera,” he stated. “I believe [Mike is] in all probability searching for anyone that has extra expertise within the RIA house, along with the b/d world.”
Individually, Cetera just lately employed Heidrick & Struggles, the manager search and administration consulting firm, to conduct a seek for a president of Cetera Options, in line with a job specification obtained by WealthManagement.com.
The brand new function will report on to Durbin, who was introduced on final Might to function CEO of Cetera’s holding firm.
“Cetera is searching for to rent a President of Cetera Options to drive the end-to-end platform technique and lead recommendation supply throughout the group,” the job description states. “This function might be an integral member of the manager management staff and can play a pivotal function in setting the strategic route for the Options enterprise. The President of Cetera Options will steer the corporate’s progress throughout numerous strains of enterprise with oversight for all merchandise and investments.”
WealthManagement.com just lately reported that Tom Halloran, who led the impartial monetary planning channel of Voya Monetary Advisors, acquired by Cetera in 2021, will take over as the pinnacle of Cetera Advisors, the corporate’s conventional impartial advisor dealer/supplier. He changed Brett Harrison, who will exited the corporate after 25 years.
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