Tom Halloran, who led the impartial monetary planning channel of Voya Monetary Advisors, acquired by Cetera in 2021, will take over as the pinnacle of Cetera Advisors, the corporate’s conventional impartial advisor dealer/supplier, the corporate confirmed. He replaces Brett Harrison, present president and CEO of Cetera Advisors, who will exit the corporate after 25 years.
Cetera mentioned Harrison will pursue “a brand new chapter in his profession as he considers his long-term future and retirement.”
“Brett will endlessly be a member of the Cetera household and we all know that his relationships with our advisors, residence workplace workers and numerous different companions will proceed effectively into the longer term,” the corporate mentioned in a press release.
Halloran will report back to Tom Taylor, chief gross sales and progress officer, who will proceed in that position, Cetera mentioned.
Halloran at the moment serves as president of Cetera Wealth Companions, the rebranded Voya enterprise that’s now certainly one of Cetera Advisor Networks’ largest enterprises, and he’ll proceed to steer that enterprise as effectively.
“Tom [Halloran] is effectively suited to information the workforce into the longer term and can play a key position in executing Cetera’s continued progress technique,” Cetera mentioned. “Tom and Brett—and lots of different workforce members—are laborious at work defining a transition course of and timeline that prioritizes the wants of the monetary professionals within the Cetera Advisors group.”
Halloran is primarily based in Wellesley Hills, Mass., a suburb of Boston, the place Mike Durbin, CEO of Cetera Holdings, the corporate’s mum or dad, is positioned. Cetera employed Durbin, a former Constancy Institutional govt, in Might to construct out an RIA acquisition channel.
“That is the opening salvo of Mike Durbin beginning to construct out a higher heart of gravity for Cetera’s residence workplace on the East Coast, and particularly within the higher Boston space,” mentioned one supply near Cetera. “That is the beginning of many extra important administration modifications to come back.”
Adam Antoniades continues to function CEO of Cetera Monetary Group; in June, WealthManagement.com reported that Antoniades will seemingly step down from that position by the tip of the primary quarter of 2024, citing a number of sources near the corporate. Durbin will lead the dealer/supplier community.
Sources additionally mentioned Genstar, Cetera’s personal fairness proprietor, goes to restructure its funding—particularly, it will transfer out of Genstar’s Fund VIII to a different fund, offering some liquidity to buyers and recapitalize the corporate.
