Cetera Holdings, the parent company of independent broker-dealer Cetera Financial Group (collectively, Cetera), announced that Adam Antoniades will retire from his position as chief executive officer at Cetera Financial Group, effective Dec. 31, 2024.
Antoniades will stay on Cetera’s board of directors, however, and the company said that the veteran will focus on the company’s most mature practices and developing strategic growth plans.
Antoniades joined Cetera in 2014 as its president and ascended to the CEO seat in 2019. Under his leadership, Cetera grew substantially. From 2019 to the close of this year, according to Cetera, it will have acquired nine companies, boosted assets under management by 200% and increased total revenue by almost $2.8 billion. The company also has enhanced its adviser offering to include proprietary platforms like AdviceWorks and Growth360.
With Antoniades’ retirement, Mike Durbin, CEO of Cetera Holdings, will assume the role of CEO for both Cetera Holdings and Cetera Financial Group, overseeing the company’s ongoing growth and strategic direction.
“There are many chapters in every exceptional organization. I am proud to have served as both a turnaround and expansion CEO, guiding the company through crucial phases of growth and transformation. Mike is a proven leader who will guide the next chapter, driving the company forward into even greater opportunities for accelerated growth and success,” Antoniades said.
Antoniades has dedicated 35 years to the financial services industry and according to Cetera, has spent the past year working closely with leadership to plan the timing of his transition.
“These 35 years have been incredibly rewarding. I wouldn’t change any of it. However, now is the right time to focus on a different part of my life, especially my family and friends. I am incredibly proud of what we’ve accomplished at Cetera, and I look forward to the company’s continued success. Cetera is in its strongest position yet, thanks to our partnership with Genstar and the talented leadership team. The best is yet to come.”
According to past reporting by The DI Wire, Cetera Financial Group sold a majority stake of its business to private equity firm Genstar Capital in summer 2018.
Cetera Financial Group, which is owned by Cetera Holdings, serves more than 12,000 independent financial professionals and their teams, including tax professionals, banks, and credit unions in providing financial planning and wealth management services. Cetera Financial Group refers to the network of independent retail firms encompassing, among others, Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. Cetera oversees more than $521 billion in assets under administration and $224 billion in assets under management, as of June 30, 2024.
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