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Aug 18 2017

Cetera Adds $7.7 Billion Independent Broker-Dealer as Super OSJ

Cetera Financial Group, a network of independent broker-dealers, announced that one of its member firms, Girard Securities, will affiliate with Cetera Advisor Networks as an independent advisor group operating under the Girard brand.

Girard, which has 200 independent advisors with $7.7 billion in client assets under management, is expected to comprise one of the largest independent advisor groups affiliated with Cetera Advisor Networks, which focuses on supporting autonomous teams of advisors referred to as “Regions.”

“The fiduciary era that our industry is entering has translated into a rising demand among advisors and end clients for a truly advice-centric experience, in direct contrast to the sales or product-centric approach utilized by many in this space,” Tom Taylor, president of Cetera Advisor Networks.

Girard Securities CEO Susie Woltman Tietjen will serve as regional director of the Girard team going forward. The firm’s leadership team will operate from its current headquarters in San Diego for the foreseeable future.

“With the growing regulatory and operating burdens associated with running our own independent broker-dealer removed, the entire Girard organization will be able to devote our full attention to the mission of helping our advisors build the businesses they want,” said Tietjen.

The Girard Securities broker-dealer wind-down is expected to start in early November, subject to FINRA approval.

Cetera Financial Group is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions. The network is comprised of Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services. Cetera Advisor Networks is an independent broker-dealer and registered investment adviser firm.

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Article by: The DI Wire

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