Cetera is looking to give more of its advisors an edge in the high-net-worth space as it welcomes a veteran leader from Fidelity into its trust services division.
On Wednesday, Cetera Trust announced it has appointed Kerri Scharr as chief fiduciary officer, following a two-decade tenure at Fidelity Personal Trust Company.
In her new role, she will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management as Cetera Trust looks to expand its offerings across all affiliated firms and business lines.
She will report directly to Scott Baker, chief executive of Cetera Trust.
“We expect to unlock significant value for advisors by broadening trust services available within Cetera,” Jeffrey Buchheister, chief financial officer of Cetera and chairman of Cetera Trust, said on Wednesday. “We're building a formidable trust business to benefit our advisors and their clients.”
Cetera Trust operates under a national banking charter and is regulated by the Office of the Comptroller of the Currency. The company, which traces its origins to 1928, became part of Cetera Financial Group as part of a deal to acquire Securian Financial’s wealth business.
That transaction, announced in early 2023 and completed that August,brought nearly $50 billion in client assets and more than 90 percent of Securian’s advisors under the Cetera umbrella.
The trust company, now operating as a stand-alone entity, has also expanded its footprint with a new office in New Hampshire. Baker cited the state’s favorable tax and trust laws as a strategic advantage.
“Having trusts administered and managed in a state like New Hampshire can have immediate impacts for our advisors and their clients,” Baker said. “Trust services can be a game-changer, especially for high-net-worth individuals who might not have considered how beneficial trusts, and a corporate trustee, can be.”
While trust services have not traditionally been a point of focus for advisors, technological advances and demographic shifts, including the Great Wealth Transfer, have made professional trust administration a more central piece in the estate planning puzzle. One Cerulli report estimates $124 trillion will change hands in the decades up to 2028, including $105 trillion going to heirs and another $18 trillion directed to charity.
Scharr emphasized the importance of corporate trustee services in maintaining continuity and expertise for clients managing complex wealth transfer needs.
“Having a corporate trustee not only ensures that the trust’s recordkeeping, distributions, and taxes are handled responsibly, but it also offers clients the assurance that their trust will be administered with the necessary expertise, professional objectivity, and continuity both now and in the future,” she said.
Cetera Financial Group, the parent company of Cetera Trust, provides support to a wide network of independent advisors and financial institutions across the country.
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