Grist leaving Cetera

Barnaby Grist was a high-profile — and defining — hire for Cetera Financial in 2010. A little more than three years later, the head of the brokerage's wealth management unit is leaving due to personal reasons.
JUN 27, 2013
Barnaby Grist, executive vice president of wealth management at Cetera Financial Group Inc., will be leaving the firm in coming months for personal reasons. Mr. Grist, 41, told InvestmentNews that he needed to step aside to help care for his parents and his wife's parents. “I've got to put family first, as I've always told our employees they should do,” he said. “Our parents … need our help, and I don't feel I can contribute to their lives and to the success of this company, with a 100% commitment on both sides.” Mr. Grist said he's been working out a transition plan with Cetera chief executive Valerie Brown and that the company is looking for a replacement. “Certainly I'll be here another three months,” he said. “We want to find a great successor.” As head of wealth management at Cetera, Mr. Grist is responsible for the company's fee-based platform, product research, marketing support, brand development and practice management. In particular, he has been focused on creating an integrated platform for hybrid advisers. “We remain committed to the model of an adviser who really wants to do both fee and commission business,” he said. Mr. Grist was a big hire for Cetera in February 2010, when he left his position as senior managing director of strategic business development at The Charles Schwab Corp. to move south to the then-brand-new Los-Angeles-based Cetera. Cetera was formed when private-equity firm Lightyear Capital LLC purchased three brokerages from ING Groep NV. Mr. Grist expects to come back into the industry at some point. “Even at Cetera, if they need me,” Mr. Grist said. “I'd love to come back here.” His departure comes at a time when the company still has a lot on its plate. For one thing, industry observers believe Cetera is pursuing an acquisition of several more broker-dealers, possibly two firms owned by MetLife Inc. Cetera officials have declined to comment on any acquisition rumors. Last year, Cetera completed the acquisition of Genworth Financial Investment Services Inc., which has 1,800 tax and accounting professionals who also provide financial advice. And the firm recently rebranded its four broker-dealers, using slight variations of the Cetera name. The firm now has about 6,500 advisors, with total assets at year-end 2012 of $107 billion. Industry observers anticipate that Cetera will follow in the footsteps of LPL Financial LLC, which grew with the help of private-equity money before going public in 2010. Mr. Grist said he remains an investor in Cetera.

Latest News

Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment
Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment

Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.

RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut
RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut

Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.

Private equity eyes 401(k) plans, but fees remain a hurdle
Private equity eyes 401(k) plans, but fees remain a hurdle

Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.

IRS floats proposal ending tax breaks for schools that weigh race
IRS floats proposal ending tax breaks for schools that weigh race

Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.

Trust over tech:  The hidden signal of stock success in the AI era
Trust over tech: The hidden signal of stock success in the AI era

Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income