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John Pierce, head of enterprise growth at Cetera Monetary Group who led the agency’s recruiting efforts, is leaving the corporate.
A number of sources near the corporate mentioned Pierce had acquired a backyard depart bundle. Pierce confirmed his departure, saying he’s staying on till April 1, 2024, to assist the agency modify its recruiting technique to 1 he characterised as extra “downstream,” a suggestion the agency will look to convey onboard extra advisors from the registered funding advisory area 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 top consumer,” Pierce mentioned 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 will likely 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,” mentioned a Cetera spokesperson. “Cetera has no plans to exchange John’s place however as an alternative will align our recruiting crew with our channel construction to raised help advisors’ altering wants. We thank John for his many contributions to Cetera and want him properly in his future endeavors.”
Final month, Genstar Capital, Cetera’s non-public fairness proprietor, closed on its deal to reinvest recent 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 the same position. He changed Michael Murray, who left Cetera a number of months previous to that.
One supply near the corporate, who declined to be named, mentioned the transfer was half of a bigger reorganization occurring at Cetera, with Durbin bringing within the leaders he needs.
“Mike goes to think about recruiting slightly bit otherwise primarily based on his RIA background, and what enterprise growth means to a company like Cetera,” he mentioned. “I believe [Mike is] most likely searching for any individual that has extra expertise within the RIA area, along with the b/d world.”
Individually, Cetera just lately employed Heidrick & Struggles, the chief search and administration consulting firm, to conduct a seek for a president of Cetera Options, based on a job specification obtained by WealthManagement.com.
The brand new position will report on to Durbin, who was introduced on final Could to function CEO of Cetera’s holding firm.
“Cetera is looking 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 position will likely be an integral member of the chief management crew and can play a pivotal position in setting the strategic course for the Options enterprise. The President of Cetera Options will steer the corporate’s progress throughout varied 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/vendor. He changed Brett Harrison, who will exited the corporate after 25 years.
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