Grist leaving Cetera

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.