Indie BD managing $520 million becomes OSJ

HBW Securities in Simi Valley, California, takes 55 reps to Cetera

Jul 18, 2017 @ 4:19 pm

By InvestmentNews

HBW Securities, an independent broker-dealer based in Simi Valley, California, is giving up its broker-dealer status and becoming an office of supervisory jurisdiction with Cetera Advisor Networks.

HBW's 55 affiliated financial advisers and its home office staff will be involved in the transition. Its affiliated firm, HBW Advisory Services, which includes a registered investment adviser and a life insurance sales business, will be renamed HBW Insurance & Financial Services and remain a separate entity. In a release, the company said the advisory and insurance unit holds $300 million in assets.

The transition is expected to be completed in Q3 this year.

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