Drawn by the independent business model, Douglas King is leaving a 25-year career at Merrill Lynch in Minnesota to become the Los Angeles-based president of Financial Network Investment Corporation, a Cetera Financial Group company.
“I am really impressed with the strong, independent culture at Financial Network and Cetera,” says King, who will join Cetera’s executive team. “Their technology, depth of products and advisor services allows them to deliver an unparalleled level of support. I am convinced this company is well-positioned to attract advisors all over the industry.”
King will report to Financial Network CEO Jack Handy and will oversee national sales, recruiting and regional director and advisor practice development.
Most recently, King served in a dual role as director of Merrill's Minneapolis & Associates Complex and as Minnesota state president for Bank of America. In the former, he led financial advisors serving clients across Minnesota and North Dakota. In the latter, following Bank of America’s acquisition of Merrill, he was responsible for coordinating with Bank of America business leaders in the market to grow revenue, and align local market initiatives to business and corporate social responsibility strategies.
"We strive to bring experience from all segments of the industry to Cetera's leadership team," according to a statement from Valerie Brown, Cetera's chief executive officer. "Many of the advisors joining us today come from the traditional employee model and with Doug's deep knowledge of that channel we will continue to deepen Cetera's capabilities."
“Doug has a deep understanding of the financial advice industry, having started on the personal production side as an advisor then working his way up,” according to a statement from Handy. “His history of effective leadership and his proven ability to drive growth, as well as his experience in recruiting and practice management will be a great benefit to the entire Financial Network family."
King began his career with Merrill Lynch in 1986 as an advisor and sales manager in Norfolk, Va. In 1995 he became the district sales manager of the firm's southwest district. In 1998 King began serving in a series of regional leadership roles starting in northern Louisiana, and ultimately moving to Minneapolis.
Financial Network Investment Corporation is an independent broker-dealer and RIA firm that uses a unique regional director model to support financial advisors through the entire lifecycle of their business. Financial Network builds and supports regional teams through local service, regional offices and a national home office, facilitating the success of its more than 2,100 financial professionals.
Cetera Financial Group is one of the nation's largest privately-held, independent broker-dealer and investment advisor families. It provides leading wealth management and advisory platforms, comprehensive broker-dealer and RIA services, and innovative technology for more than 6,500 independent financial professionals and more than 600 financial institutions nationwide. Cetera comprises four distinct firms, Financial Network Investment Corporation, Genworth Financial Investment Services (soon to be rebranded), Multi-Financial Securities Corporation and PrimeVest Financial Services Inc.
Ann Marsh writes for Financial Planning.