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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access