Business development results spike following key additions to sourcing and engagement team
LOS ANGELES, July 13, 2022 — Cetera Financial Group, one of America’s largest networks of financial professionals, announced today that it achieved record business development results in the second quarter of 2022, attracting more than $3.6 billion. The record quarter was fueled by efforts from Cetera’s sourcing and engagement team, which added several new team members in 2022.
Several notable financial professionals – both individuals and teams – affiliated with Cetera in the second quarter 2022. In June, the $1 billion Harvest Wealth team joined Cetera from Merrill Lynch, converting their practice to an independent model to help ensure they can serve their clients in the best manner possible. Shortly after the Harvest Wealth affiliation, Cetera attracted two practices that manage more than $600 million combined, led by Mark Nakamitsu* and Rick Farrar**. In May, Skafco, a financial planning team that manages approximately $300 million, left Mass Mutual to join Cetera’s branch community, while two teams managing nearly $400 million combined – Sonnenfeld Financial Group and Lincoln Capital – affiliated with regions within Cetera Advisor Networks.
“We are pleased with our accelerated business development results as we continue to attract growth-minded financial professionals who value independence and industry-leading tools, resources and support,” said John Pierce, head of business development at Cetera. “Our expanded sourcing and engagement team is deeply committed to making sure that financial professionals understand the value of affiliating with Cetera, and the onboarding and integration team leads the industry in helping financial professionals affiliate with Cetera quickly and seamlessly. We expect continued positive momentum as our teams execute our strategic plan and financial professionals increasingly embrace a more personal and independent model for their practice.”
The record quarter follows several key home office hires, as Cetera bolstered its business development team earlier in 2022. In April, Cetera further complemented the team with the addition of industry veteran Steve Dripchak, a senior recruiter who joined the team from Securities America. Dripchak covers the mid-Atlantic region, including New Jersey, Pennsylvania and Ohio.
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About Cetera Financial Group®
Cetera Financial Group (Cetera) is a leading financial services firm whose purpose is to enable the delivery of best-in-class financial advice to as many Americans as possible. Cetera empowers its financial professional communities to help clients achieve their version of financial wellbeing through the Advice-Centric Experience®. Cetera proudly serves independent financial professionals, tax professionals, banks and credit unions in providing wide-ranging financial planning and wealth management services.
Cetera oversees approximately $353 billion in assets under administration and $122 billion in assets under management, as of December 31, 2021.
Visit www.cetera.com, and follow Cetera on LinkedIn, Twitter and Facebook.
“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists LLC, and First Allied Securities, Inc. All firms are members FINRA/SIPC. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
*Mark Nakamitsu: Registered Representative offering securities and insurance products through Cetera Investment Services LLC, member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC.
**Rick Farrar: Registered Representative offering securities and advisory services through Cetera Advisors LLC, member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser.
SOURCE Cetera Financial Group
