Barbara Herman Quoted
By Lisa Shidler
Twelve days ago, Nicholas Schorsch shocked thousands of financial advisors at Cetera Financial Group by getting their IBD to accept an unsolicited bid for the company. Now, he is throwing a shindig for 500 of them in New York City.
But not everyone is getting the same good vibe. Diamond Consultants has received about 100 calls from jittery Cetera advisors who are none-to-pleased with the news, according to Barbara Herman, senior vice president of the Chester, N.J. recruiter.
“Industry leaders are certainly looking at this transaction see it as enormously significant, but I was talking to an advisor who was just acquired from [Cetera firm] Walnut [Street Securities] and he said he’d just gotten used to the idea that they’d been acquired by Cetera and now there’s another name.”
“These deals are enormous and significant and speak to the very aggressive desire to be the biggest on the street. It harkens to some of the acquisitions we’ve seen outside of the independent realm,” she says.