Exec Shakeup at RCS Capital
Another week, more major changes for RCS Capital. This time the company is rearranging members of its executive team.
Michael Weil, RCSs president, has been named CEO, succeeding William Kahane, who will remain a director of RCS, the company announced Tuesday. In his new role, Weil will be responsible for overseeing the execution of RCSs business plan.
Ive been very hands on with the building of the company, Weil tells Financial Planning, adding that his passion for the independent channel and for developing the alternative industry were major factors in his desire to take on the new role.
The transition for Bill is very seamless, says Weil, explaining that Kahanes move to director is designed to allow him to focus on other areas of the company. Bill is a great friend and great teacher and will remain a very involved director, but it will let him spend his day in other areas of our business. Kahane will be a very active board member, Weil adds.
These announcements mark more changes for the company.
Since August, RCS has launched a crowdfunding website, added an electronic services firm to their growing broker-dealer platform and snapped up the midsized San Diego-based independent broker-dealer Girard Securities. One week before securing Girard Securities, RCS acquired VSR Group and its wholly owned subsidiary VSR Financial Services.
Once Girard and VSR are on board, RCS's Cetera will have approximately 9,700 independent retail advisors in its nationwide IBD network, operating under 11 brand names. Including networks, RCS is the nation's third-largest IBD based on revenue.
'FIRING ON ALL CYLINDERS'
In another change to its management team, RCS announces the appointment of Bill Dwyer, former president of LPL Financial, as CEO of Realty Capital Services, a division of RCS. Dwyer, with 20 years of experience at LPL, will oversee the development and execution of the firm's wholesale distribution strategic plan.
The beautiful things is, Im joining a company that's firing on all cylinders, says Dwyer, who praises RCS as the leader in the alternative investment space. Im ecstatic about where we are.
The company also announced on Tuesday that John Grady has been appointed chief strategy and risk officer of RCS. Prior to his new role, Grady held various executive management positions within the firm.
Additionally, Sanjay Yodh has been named executive vice president of RCS liquid alternative investments. Before taking this position with RCS, Yodh was the head of intuitional sales at ProShares, where he focused on building the companys institutional sales division, working with pension funds, endowments and investment consultants.