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Cetera Advisor Networks Recruits Cornerstone Advisors

Cetera Advisor Networks, a member firm of Cetera Financial Group, recruited Cornerstone Advisors to its brokerage platform. Cornerstone is an independent financial advisory practice with approximately $150 million in advisory and brokerage assets.

Cetera Financial Group, a network of independent broker-dealer firms, emerged as a privately held company in May following the bankruptcy of its parent company, RCS Capital (NYSE: RCAP). RCAP was rebranded as Aretec (Cetera spelled backwards) and received a $150 million capital infusion from its new equity owners to invest in technology, advisor growth and practice management services.

“The successful completion of our firm’s transformation process has provided us with significant recruiting momentum going forward. We’re excited about providing our industry-leading tools and resources to the Cornerstone team, within the context of an environment that understands and embraces their unique culture,” said Larry Roth, chief executive officer of Cetera Financial Group, “We welcome Cornerstone to Cetera, as our firm enters the post-DOL landscape with widespread recognition among successful financial advisors of all the strategic advantages we offer.”

AdvisorNet Financial, one of Cetera Advisor Networks’ largest independent regional director firms, will also be providing services to Cornerstone. Cornerstone will utilize AdvisorNet for compliance supervisory, practice management, and other back- and middle-office services, while also leveraging AdvisorNet’s platform for certain fee-based services that supplement Cetera’s advisory offerings.

Cornerstone Advisors provides both commission- and fee-based financial planning for a private retail clientele of mass-affluent retirees and pre-retirees, located primarily in Minnesota and the Midwest.

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 Cetera network of retail independent broker-dealers includes Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services, marketed as Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, Legend Equities Corporation and Summit Brokerage Services.

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