$200M team leaves Cetera for SA Stone
A team managing more than $200 million in assets is leaving Cetera Advisor Networks for SA Stone.
The team, dubbed SB Wealth, is led by CIO Jena Schuster. SB Wealth is affiliating with its new IBD for its brokerage, advisory, compliance and support services, according to SA Stone. Before its 17-month affiliation with Cetera, SB Wealth, which was founded in 2005, spent more than twelve years with Girard Securities.
Its relationship with SA Stone will also give SB Wealth, which is based in San Clemente, California, access to services for custody, clearing, and market intelligence provided by the IBD’s parent company, INTL FCStone.
SA Stone has been on a recruiting streak. In October, it announced that it added teams from LPL Financial and Cetera Financial Group, capping an 18-month period where it successfully recruited at least seven teams.
A representative for Cetera did not respond to requests for comment.
Should advisor retention go as planned, Blucora's agreement to purchase the firm would boost its IBD headcount to 4,500 reps.March 19
Arkadios Capital poached three advisors from its founders’ former firm after its revenue more than tripled in 2018.March 27
Reverence Capital Partners agreed to buy 75% of the 6,500-advisor IBD network from the ownership team that purchased it in 2016.May 9
Previously named Sterne Agee, SA Stone rebranded in 2018 to reflect INTL FCStone’s ownership. The Birmingham, Alabama-based firm was previously owned by Stifel before being sold off in 2016 to comply with the expected implementation of the Labor Department’s fiduciary rule, which was vacated in 2018 by a federal appeals court.
In early May, Secretary Alexander Acosta told the House Education and Labor Committee that the department is working on new rules in concert with the SEC, which has proposed a new standard of conduct for brokers and advisors dubbed Regulation Best Interest.