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.
A $60-per-account fee and retention bonuses are issues that are expected to come up in Cetera senior execs' meeting with Avantax advisors.
The price tag Cetera paid for Avantax was 180% of its revenues last year, an unthinkable sum for a broker-dealer just a few years ago.
Deal affects almost 3,000 advisors working with $83.8 billion in client assets.
Legacy Wealth Advisors was looking for an easier place to do business and differentiated service, founder Kevin Loyd said.
LPL, Osaic and Cetera Financial Group are all 'fighting amongst themselves' to lure advisors, one recruiter notes.
The total of 6,757 advisors moving between advisory and brokerage firms in the first half is the lowest level seen in the data, which go back to 2009.
With the SEC preparing to approve a number of major proposals next year, firms face added costs and a huge amount of compliance work.
The acquisition brings Cetera nearly $50 billion in client assets and more than 91% of Securian’s advisors.
Naratil, a 39-year veteran of UBS, last fall stepped down from his senior roles at the wirehouse.
Meanwhile, Cetera is offering tailored retention bonuses to Securian advisors who manage offices.
Regardless, plenty of questions remain about the future of the long-time Cetera executive.
Kalbaugh will work with the fast-growing wealth management firm's executive leadership on strategic planning.
At the end of April, The Retirement Planning Group had 14 advisors and 40 employees.
The breach involved 'a systems intrusion' at R.R. Donnelley, a third-party vendor that Advisor Group uses for some of its client mailings.
It's in the best interest of Cetera's owner, Genstar Capital, to make the broker-dealer network look as much like a registered investment advisor as possible.
