Independent planning firm RMR Wealth Builders, with $1 billion in AUM in Teaneck, NJ, has left its long-time independent broker-dealer, the Cetera company Financial Network (now renamed Cetera Advisor Networks) for the hybrid RIA B-D, Innovation Equity Partners Financial in Tampa, Fla. In making the move, RMR chose to stick with former Financial Network executive John Simmers, who is a cofounder of the new firm, and to make a break with the private equity-owned Cetera.

"We are not getting what we need from Cetera," says RMR President Stuart R. Miller. Miller says he cannot guarantee dependable service to his clients from a B-D like Cetera, which, due to its private equity ownership, is looking at some point to sell to a larger buyers. Cetera was formed two years ago in a spinoff of ING's advisor division, which was purchased by New York private equity firm, Lightyear Capital.

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