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HomeMarketCetera Closes First Allied as a Separate Broker-Dealer

Cetera Closes First Allied as a Separate Broker-Dealer

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Cetera Financial Group ceased operating one of its independent broker-dealers, First Allied Securities, as a separate legal entity last month, according to regulatory records. 

The First Allied brand, however, will continue to live on under Cetera’s umbrella, and the unit’s approximately 400 advisors will operate as part of Cetera Advisors, one of the company’s four remaining IBDs, according to a Cetera spokesman. First Allied will operate similar to Cetera’s other brands, which have their own culture, programs, events, and teams, the spokesman said.

Cetera


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“More specifically, putting the First Allied brand under the dba of Cetera Advisors, gives this community of more than 400 financial professionals access to an enhanced tech stack, and our unified workstation, AdviceWorks,” the spokesman said in a statement. If “they also wish to look into our suite of succession solutions or merge with a fellow First Allied advisor, this also makes the process an easier and more rewarding experience.”

First Allied had been registered since 1994, according to regulatory records.

Cetera is one of the nation’s largest networks of independent broker-dealers. The Los Angeles-based company oversaw approximately $353 billion in assets under administration and $122 billion in assets under management, as of Dec. 31, 2021, according to Cetera. 

The company has stepped up recruiting efforts this past year. In the third quarter, Cetera said it picked up advisors managing $6.3 billion in assets.

Industry website InvestmentNews first reported news of Cetera closing First Allied’s broker-dealer.

Write to Andrew Welsch at andrew.welsch@barrons.com

Credit: marketwatch.com

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