Broker-dealer and registered investment adviser Cetera Financial Group has announced a new brand structure that will impact a firm that counts credit unions among its clients.
Pending regulatory and other approvals, in the coming months, the St. Cloud, Minn.-based PrimeVest Financial Services, a self-clearing firm that serves nearly 500 financial institutions including more than 25 credit unions and more than 1,500 advisers, will be renamed Cetera Financial Institutions.
Financial Network Investment Corp., a regional director network that provides local support to more than 2,100 advisers, will be renamed Cetera Advisor Networks.
Multi-Financial Securities Corp., which serves more than 1,100 advisers, will be renamed Cetera Advisors.
Genworth Financial Investment Services, which was acquired by Cetera in April of this year, a firm that specializes in helping approximately 1,800 tax and accounting professionals integrate wealth management into their practices, will be renamed Cetera Financial Specialists.
According to Cetera Financial Group, the new naming structure will not change the way Cetera and its firms operate. Each firm will remain a separate legal entity with its leadership, culture and adviser support structure.
In order to provide a high level of support to advisers as they implement the new brand, Cetera Financial Group said it will stagger the planned effective dates of each firm's new name beginning in the fourth quarter of 2012 with completion in early 2013.
The company has also launched a new website, Cetera.com, designed to provide an enhanced user experience and offer more information about each of the firms, according to Cetera Financial Group.
"In these challenging times when clients continue to be nervous and a have lack of confidence in the financial system, it is more important than ever for them to know that their advisor is supported by a well-capitalized, stable firm," said Valerie Brown, Cetera's CEO, in a statement.
Based in El Segundo, Calif., Cetera Financial Group said it provides wealth management and advisory platforms, broker-dealer and registered investment adviser services, and technology for more than 6,500 independent professionals and than 600 financial institutions.
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