Cetera Holdings, the holding firm of Cetera Monetary Group, introduced on Wednesday it appointed former Constancy Investments government Mike Durbin as its new CEO.
“We’re extraordinarily excited to welcome Mike to the group and sit up for working collectively to realize long-term success for Cetera and our advisors,” Cetera Monetary Group CEO Adam Antoniades stated in an announcement. “Mike’s deep experience and background within the RIA, retirement and custody and clearing area, in addition to his confirmed monitor file of management and innovation, will assist Cetera additional solidify its place as the final word vacation spot for monetary advisors and establishments.”
Durbin can even function a member of the Cetera board of administrators, in keeping with the corporate. Antoniades will proceed to function Cetera Monetary’s CEO and as a member of the board of administrators.
In December 2022, Durbin stepped down as head of Constancy Institutional, a job he held since October 2017, following a number of different management roles on the firm. Durbin had initially joined Constancy in 2009 after nearly 20 years with Morgan Stanley. He had most not too long ago been serving as a senior advisor to Constancy CEO Abby Johnson.
Throughout his tenure at Constancy, Durbin oversaw large adjustments, from serving to to launch and promote the establishment’s know-how platform for RIAs, WealthCentral, to its eventual merging with Constancy’s brokerage platform to create a hybrid providing referred to as WealthScape.
“I’m honored to affix a thriving business chief at a pivotal time within the monetary recommendation business,” Durbin acknowledged. “Cetera is nicely positioned for exponential progress by persevering with to ship new and progressive capabilities to advisors by means of its Wealth Hub, and actually meet the altering wants of as we speak’s prime advisors. I sit up for working alongside such a rare group within the service of monetary professionals and establishments.”
Based in 1983, Cetera now has greater than 8,000 advisors throughout its platforms—Cetera Advisors, Cetera Advisor Networks, Cetera Funding Companies and Cetera Monetary Specialists, all FINRA/SIPC-registered. Backed by non-public fairness agency Genstar Capital, the Cetera community on the finish of final yr claimed round $322 billion in property underneath administration and $115 billion underneath administration.