Office address: 655 W. Broadway, 11th Floor, San Diego, CA 92101
Website: cetera.com
Year established: 2010
Company type: financial services
Employees: 11,400+ (2025)
Expertise: independent broker-dealer services, registered investment adviser services, wealth management platforms, retirement plan advice, financial planning, bank and credit union investment programs, tax and advanced planning support
Parent company: Aretec Group, Inc. (dba Cetera Holdings; majority-owned by Genstar Capital)
Key people: Michael Durbin (CEO), Jeffrey Buchheister (CFO), Tom Gooley (COO), Lisa Gok (chief legal officer), Jenifer Kerr (CHRO), Michael Zuna (chief marketing and communications officer), Joseph Neary (chief risk officer)
Financing status: private equity-backed
Cetera Financial Group (CFG) is a wealth management network that supports independent advisors, banks, and credit unions nationwide. It offers broker-dealer and RIA platforms, planning tools, and practice support from its main base in San Diego. The company works with about 11,400 financial professionals and oversees around $640 billion in client assets as of 2025.
CFG traces its story to independent firms launched in the early 1980s. Cetera Advisors and Cetera Financial Specialists started in 1981, followed by Cetera Wealth Services in 1983 and Cetera Investment Services in 1984. These businesses later formed the backbone of a single network built around independent financial advice.
In 2010, Lightyear Capital brought three ING broker-dealers together and introduced the Cetera brand. Those firms were later reintroduced as:
During this period, CFG also added Genworth Financial Investment Services in 2012 and First Allied Securities in 2013. CFG then moved under RCS Capital in 2014 before emerging from RCAP's bankruptcy in 2016 as an independent company under Aretec Group.
Genstar Capital took a majority stake in Cetera and its broker-dealer network in 2018 to support long-term growth. Under Genstar's backing, CFG acquired Foresters Financial's US broker-dealer in 2019. It then added:
As 2025 closed, CFG trimmed costs with another workforce reduction after an earlier 5 percent cut. In that same year, Cetera Financial Institutions expanded its bank channel by adding Peoples Bank and Trust and Alma Bank.
These days, CFG operates as a national wealth hub with affiliated professionals in all 50 states and Puerto Rico. Its four broker-dealers and related RIAs support an Advice-Centric framework that helps advisors show clear value on a client's balance sheet.
Through this structure, Cetera Financial Group links independent advisors, banks, and credit unions under a shared focus on practical, personal financial guidance.
CFG's offerings support independent advice at scale with focused technology, practice support, and institutional programs:
Overall, these offerings let advisors and institutions tap a large platform while keeping local control. Cetera Financial Group also stresses flexible affiliation options and broad field support so practices can adapt as they grow.
Cetera Financial Group describes a culture focused on turning financial goals into reality. Its four core values are:
CFG says that its workplace focuses on supporting clients' financial goals and backs employees with pay and benefits for life outside work:
According to Cetera Financial Group, diversity of backgrounds and views is central to better ideas and outcomes. The Cetera Inclusion & Impact Council guides actions to reach underserved investors and build a more inclusive advice profession.
Mike Durbin is CEO of Cetera Financial Group and a member of its board. He previously led Fidelity Institutional at Fidelity Investments. Durbin holds an MBA from NYU Stern and a BBA from Notre Dame.
Durbin is supported by a seasoned leadership team that includes:
Cetera states that its leaders are expected to stay visible and accessible to advisors and institutions. They do this by focusing on growth, risk control, and direct field support.
In late 2025, CFG recruited Guided Financial Strategies from LPL with about $250 million in assets. The Connecticut practice joined Summit Financial Networks for its service culture and community structure. This hire reflects Cetera Financial Group's broader push to attract experienced advisors who want scale with personal attention.
On the regulatory side, FINRA fined three Cetera Financial Group broker-dealers a combined $1.1 million in January 2026. The penalties tied back to past lapses in low-priced securities supervision and anti-money laundering controls. Cetera called the issues "historical" and said it had already fixed them and strengthened its compliance programs.
Leading a seven-person team, the advisor couple with 60 years of combined experience provide comprehensive planning for roughly 500 clients in Houston.
The independent broker-dealer’s latest addition reportedly managed $108M in AUA at Lincoln Financial Advisors.
The longtime Avantax president has been elevated to his new role as the broker-dealer giant looks ahead to its next growth phase.
"Highly leveraged wealth managers face the greatest competitive risk from an increase in rates paid to clients," according to Moody's.
With around $3.4B in assets and 200,000 members, California Coast Credit Union is joining Cetera’s financial institution arm from Osaic.
McCormick brings with him over $151 million in assets under administration.
The independent broker-dealer welcomes six new advisors who reported a total of nearly $600M in assets under administration between them.
'A huge pull is the massive amount of money that private equity firms are offering the owners of these OSJs,' says one industry executive.
The organization revealed Gwen Weithaus, who has more than 30 years' experience, as the new compliance chief for its investment services arm.
The firm’s new head of advanced wealth solutions comes with deep expertise in retirement income, life insurance, and annuities.
Cetera’s employee-based RIA’s second acquisition in 2024 brings six new employees and roughly $225M in AUM.
The independent wealth platform’s newest leadership hire brings extensive experience from Kestra, Goldman Sachs, and Cetera.
"Every private equity deal we have seen in the brokerage industry has lasted five to seven years," one executive said.
With a leaner organization, the broker-dealer is funneling cost savings from its streamlining effort into more support for advisors.
Seven founding members from Cetera’s credit union partners are coming together in a forum to improve wealth offerings in the sector.
