Cetera Monetary introduced Thursday morning that Megent Monetary, a Chicago-based staff with $640 million in shopper belongings, has joined Cetera Advisors from LPL Monetary. The information comes just some weeks after Cetera CEO Robert “RJ” Moore stated he would step down from his function, as a result of well being causes.
Megent, which features a staff of 20, focuses on serving unionized employees. It additionally has a division targeted on superior planning methods. The agency is led by Managing Administrators Eric Burton and Ron Whittingham. The agency’s shopper belongings have grown by 156 % since 2012.
In an interview with WealthManagement.com previous to saying his departure, Moore stated the agency had flat progress final yr, however to this point this yr, the agency is rising on a internet foundation. Cetera has been attracting some giant groups this yr from rivals. Not too long ago, Dan Levy, president, CEO and founding father of unbiased b/d North Ridge Wealth Planning, shuttered the b/d and joined Cetera Advisor Networks as an workplace of supervisory jurisdiction, bringing $2.5 billion in shopper belongings onto the platform.
“Cetera is thrilled to start a brand new chapter with a company that understands and suits the advice-centric tradition so effectively,” the agency stated in an announcement. “Cetera plans to proceed attracting particular person advisors, tax professionals, banks and credit score unions and regional groups (OSJs) with a mindset of progress, innovation and enhancing the supply of an Recommendation-Centric Expertise.”
Cetera not too long ago turned the primary enterprise shopper of AdvicePay, Michael Kitces and Alan Moore's pay-for-service platform, constructed for RIAs.
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