As First Allied goes, so may all of RCS Capital's IBDs -- at least when it comes to two new technology offerings.
First Allied, the first of six independent broker-dealers that Nicholas Schorsch acquired for RCAP Holdings last year and early this year, is rolling out a new business consulting platform and a new retirement platform for its advisors, says Adam Antoniades, CEO of First Allied and now also president of Cetera Financial Group.
If the new tools are successful within the San Diego-based IBD, RCS likely will make them available to the other firms it has recently acquired, Antoniades says: "This gives us the ability to make those tools and services over time available to the entire RCAP" network of IBDs.
Such cross-pollination will be an advantage for the newly formed network of IBDs, he argues, allowing the varied cultures and attributes of the different firms to contribute to the whole corporation. First Allied became part of Cetera after Schorsch acquired the latter earlier this year.
"There are clearly capabilities that we [at First Allied] have as an organization and that we do not have today, and there are clearly capabilities that Cetera [IBDs] have and do not have as an organization," he says.
Sorting through each firm for the best practices will become standard, he says, although some firms may keep technologies that are only available to their planners.
"If you talk to any of the leadership in any of the firms that today fall under the RCAP network, I'm sure they will tell you that their brand and culture is unique and different," he says.
RCS is committed to maintaining the differentiation between the separate IBD brands, Antoniades says, repeating a pledge often made by Schorsch -- the RCS Capital executive chairman who made his fortune selling nontraded REITs.
Antoniades says he will continue at the helm of First Allied, along with the IBD's new president, Kevin Keefe -- a former executive vice president at Advisor Group, another giant network of IBDs.
In his role across Cetera, he will not become involved with issues pertaining to the separate IBDs, but focus on "network level" concerns, he adds.
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