There will be more than one president taking up a new role in January, with Cetera Financial Group announcing some changes to its leadership in 2025.
Tom Taylor, the firm’s head of sales and chief growth officer since 2020 and CEO of Cetera Advisor Networks for more than three decades, is retiring at the end of the year.
Succeeding him as president of Cetera Wealth Management is Todd Mackay, the former Avantax CEO who was hired as president of Cetera Solutions just a few months ago and will be tasked with driving organic growth across all channels. He takes up his new role from January 1, 2025, and will continue to report to CEO Mike Durbin and serve on Cetera’s executive leadership team.
"I am honored to lead Cetera Wealth Management and advance our mission of enabling advisors to build thriving businesses through our unique Wealth Hub model,” Mackay said. “Our Channels and Communities are at the heart of what makes Cetera unique. I am passionate about strengthening our value proposition while continuing to make the big feel small by fostering deep, personalized relationships across our advisor network."
Mackay began his career in 1996 as a financial analyst with Alex. Brown and Sons, which became part of Deutsche Bank, and has worked in several roles at different firms including 12 years as managing director of E*Trade Financial Corporation.
He will be succeeded as president at Cetera Solutions by Christian Mitchell, a former executive at Northwestern Mutual, who will join the firm and its executive leadership team later in January, also reporting to Durbin.
"At Cetera, we are committed to equipping our advisors with the best tools, technology, and support systems to help them thrive," said Mike Durbin. "Todd Mackay and Christian Mitchell are exceptional leaders whose expertise and vision will drive our Wealth Hub's evolution and strengthen our ability to meet advisors' dynamic needs."
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.