Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – Banks and credit unions helped Cetera Financial Group recruit more than 800 financial advisors to the company in 2018, and more than $5.3 billion in assets under administration, the firm said.
Louis Diamond Quoted – By Jeff Benjamin, InvestmentNews – LPL Financial has delivered the latest salvo in its bitter rivalry with Cetera Financial Group by recruiting Exemplar Financial Network, a Crystal Lake, Ill.-based firm that supports $3.7 billion in assets under management.
After RIA private equity hot-shot Genstar’s $1.7 billion purchase of ugly duckling Cetera, Robert Moore plans to take on LPL–not with acquisitions, but a recruitment storm
Louis Diamond Quoted – By Oisin Breen, RIABiz – With Genstar’s deep pockets backing him, Moore is ready to beat LPL Financial at its own game — bone crushing scale.
Louis Diamond Quoted – By Tobias Salinger, Financial Planning – Cetera Financial Group’s more than 7,700 advisors across six independent broker-dealers may soon face yet another big change: new ownership. “It was inevitable that there would be some sort of a change in ownership,” says Louis Diamond, who adds that he expects a PE firm to be the buyer. “Any time there is change it’s an opportunity for an advisor, especially an independent one, to figure out if they’re in the best possible place for their clients.”
One effluent of Ron Carson’s self-extrication from LPL after 27 years was that his firm disclosed the use of forgivable loans to the SEC
Louis Diamond Quoted – By Janice Kirkel, RIABiz – The deal that sent a chunk of Carson Wealth Management’s assets to Cetera Financial Group from LPL Financial elicited the disclosure of forgivable loans, a stigmatized practice at best. Ron Carson, CEO of Carson Wealth, makes a strong statement in response to a reporter’s query of the mention of “forgivable loans” in the ADV filed on Jan. 25 by his firm.
Deborah Aronson Quoted – By Ann Marsh, Financial Planning.com – Leading advisors at Cetera Financial Group say RCS Capital should either “fix its balance sheet problem” or sell the firm. Failing either remedy, Cetera advisors will be forced to leave the firm, they contend.
Howard Diamond Quoted, Financial Planning – Cetera Financial Group is slimming down. Shutting down Turner can also be seen as a branding move, says Howard Diamond, managing director of Diamond Consultants, an industry research and consulting firm.
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