Larry Roth is out at Cetera Financial Group, and will be replaced by the chairman of its parent, Robert Moore, in a move anticipated after the company said earlier this week it was considering a leadership change.

"It is a surprise," says Tim Welsh, a consultant with Nexus Strategy, of the change atop the second-largest independent broker dealer in the country, with about 9,000 advisers. "Given all of the turmoil there, you need to have some consistency in leadership and [Roth] was it."

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