NEW YORK CITY—R. Lawrence Roth is taking the reins as CEO of Cetera Financial Group, the retail advice platform of RCS Capital Corp. He’s replacing Cetera CEO Valerie Brown, who was to have headed the platform following its $1.15-billion acquisition by RCAP but who has decided to leave the company, although she will continue to consult for Cetera.
“The combination of the retail platform leadership team with the existing RCAP leadership will create a tremendous force in the industry,” says Nicholas Schorsch, RCAP’s executive chairman. “Larry’s extensive depth of experience and his direct involvement with our acquisitions of our independent broker-dealers make him the natural fit to drive and grow our retail investment advice strategy.” Schorsch says that when RCAP hired Roth late last summer, “we knew he could contribute significantly to our future success across the breadth of our enterprise.”
Roth brings more than 30 years’ experience in the retail finance industry to his new role at Cetera, where he’ll oversee a group of independent broker-dealers that also includes First Allied Securities. Among other things, he was CEO of the predecessor company to Cetera Financial, ING’s US Retail Group, which in turn had acquired Vestax Securities Corp., a company he built to more than 700 representatives. Before joining RCAP last year as CEO of Realty Capital Securities, the wholesale business of RCAP, he was the CEO of Advisor Group, an AIG company.
Also joining the Cetera senior leadership team are Adam Antoniades as president of Cetera Financial Group; Catherine Bonneau as president and CEO of Cetera Financial Institutions; Jon Frojen as CFO of Cetera Financial Group; Doug King, president and CEO of Cetera Advisor Networks; Brett Harrison, EVP, head of firms and CEO of Cetera Advisors; Nina McKenna, general counsel of Cetera Financial Group; Mukesh Mehta, chief information officer, Cetera Financial Group; Jason Mullens, chief human resources officer, Cetera Financial; Enrique Vasquez, president and CEO, Cetera Financial Specialists; and Kevin Keefe, president, First Allied. Roth will make additional hires in the coming weeks, as additional acquisitions are completed, making Cetera the second-largest network of independent financial advisors in the US.