A Cetera Financial Group firm plans to dissolve as a broker-dealer and add its 200 advisors to its parent firm’s largest BD in a move executives say was prompted by challenging times.
Girard Securities will bring its $7.7 billion in client assets to the country’s 10th largest IBD, Cetera Advisor Networks, by Nov. 1, the firms announced this week. FINRA must approve the wind down, which would make the San Diego-based firm a unit within the IBD and reduce Cetera’s total member firms to six.
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