Cetera Financial Group is picking up a new CFO as the firm reorients itself after its parent company RCS Capital emerged from bankruptcy earlier this year.
Jeffrey Buchheister, an LPL executive vice president and chief accounting officer, will assume the role on Aug. 2 and leave LPL on that date, Cetera CEO Larry Roth says.
"We are so pleased to be able to attract him as he knows the independent contractor model very, very well," Roth says. "The entire management team at the senior management level is built out."
This is the second LPL veteran slated to join Cetera, as the firm announced in May that Robert Moore, LPL's former president, would become chairman of Cetera Financial Group.
Buchheister is joining Cetera at a "watershed" moment, he said in a statement.
"There are tremendous opportunities ahead for Cetera as a newly independent, private entity, especially during a time when the industry environment is so competitive, fast-moving and complex," he said.
Prior to joining LPL in 2003, Buchheister worked at Deloitte where LPL was among his clients. In that position, he also worked with companies like E*Trade Financial, American Funds, Pacific Life Insurance Company and TCW, Roth says.
Buchheister "also resides with his family in Southern California, so he doesn’t have to move," Roth added. "We have a highly intelligent person who is in town."
GROWING THROUGH DOL 'CHANGEOVER'
Buchheister's experience will be helpful as Cetera evolves new business models in line with the changes mandated by the Department of Labor's new fiduciary rule, according to Roth.
"We are committed to growing the business through the DoL changeover," says Roth, adding that many aspects of the rule still require interpretation and subsequent strategic responses by industry players.
To this end, Roth expects Cetera likely will create new management roles in coming months.
"We are looking to attract the best executives we can in any kind of open roles," he says. "It's quite possible that we will be bringing on more people to support our technology group and to design and service small and midsized accounts that advisers would like us to help them with."