Former Fidelity executive tapped to position Cetera for its next chapter as a market leader.
Expansion into new markets and adjacencies to fuel continued growth and provide more options for advisors.
LOS ANGELES, May 17, 2023 /PRNewswire/ -- Cetera Holdings, the holding company of Cetera Financial Group, the premier financial advisor Wealth Hub where financial advisors and institutions can optimize professional control and value creation, announced today that it has appointed Mike Durbin as CEO. In addition, Durbin will serve as a member of the Cetera board of directors. Adam Antoniades will continue to serve as CEO of Cetera Financial Group and as a member of the board of directors.
Durbin's appointment represents a deliberate next step in Cetera's evolution and positions Cetera for continued growth as a market leader and disruptor. He is uniquely qualified to accelerate the organization's strategy, introducing adjacent capabilities and channels and expanding Cetera's addressable market. In his most recent role at Fidelity, Durbin was Head of Fidelity Institutional, which during his tenure was the division of Fidelity Investments dedicated to serving third-party advisors and institutions with custody and clearing, third-party product and asset management services, Fidelity Asset Management product marketing and distribution, and Fidelity Capital Markets. Previously, Durbin served as head of Fidelity Institutional Investment and Technology Solutions, President of Fidelity Wealth Technologies, and President of Fidelity Institutional Wealth Services. Prior to joining Fidelity, Durbin held various leadership positions at Morgan Stanley, including Chief Operating Officer of the National Sales Division of Global Wealth Management, head of International Private Wealth Management and Chief Strategic and Risk Officer for the Global Individual Investor Group.
"We are extremely excited to welcome Mike to the team and look forward to working together to achieve long-term success for Cetera and our advisors," Antoniades said. "Mike's deep expertise and background in the RIA, Retirement and custody and clearing space, as well as his proven track record of leadership and innovation, will help Cetera further solidify its position as the ultimate destination for financial advisors and institutions."
Known for pioneering the Wealth Hub, Cetera empowers advisors to affiliate in whichever way they deem most appropriate. During the professional life cycle of their practice, the Cetera Wealth Hub helps to ensure each advisor's affiliation model ignites growth levers in a way that helps increase the value of their practice, people, and legacy. For financial professionals, financial institutions and large enterprise leaders Cetera provides growth and succession resources, a leading-edge advisor tech stack and importantly, an experience where financial professionals are an integral part of a rich and thriving ecosystem.
"I am honored to join a thriving industry leader at a pivotal time in the financial advice industry," Durbin said. "Cetera is well positioned for exponential growth by continuing to deliver new and innovative capabilities to advisors through its Wealth Hub, and truly meet the changing needs of today's top advisors. I look forward to working alongside such an extraordinary team in the service of financial professionals and institutions."
"Cetera is in a position of strength and poised to capitalize on today's opportunities, and Mike is well qualified to lead the organization to and through its next chapter of success," said Tony Salewski, managing partner at Genstar Capital. "We look forward to continued execution of our new five-year plan and achieving meaningful growth together with Mike, Adam and the entire Cetera team."
Visit www.cetera.com for more information about Cetera.
About Cetera Financial Group®
Cetera Financial Group (Cetera) is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.
Home to more than 8,000 financial professionals and their teams, Cetera oversees approximately $330 billion in assets under administration and $116 billion in assets under management, as of March 31, 2023. In a recent advisor satisfaction survey of more than 21,000 reviews, Cetera's Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it's ranked 4.8 out of 5 stars.
"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. All firms are FINRA/SIPC members. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.
SOURCE Cetera Financial Group