LOS ANGELES, July 20, 2016 /PRNewswire/ -- Cetera Financial Group ("Cetera")*, a leading network of independent broker-dealer firms, announced today that Cetera Advisor Networks, one of its member firms, has recruited Cornerstone Advisors ("Cornerstone"), an independent financial advisory practice with approximately $150 million in advisory and brokerage assets as of July 20, 2016, to its brokerage platform.
AdvisorNet Financial, one of Cetera Advisor Networks' largest independent Regional Director firms (also referred to within the industry as "Super OSJs"), will also be providing services to Cornerstone. Cornerstone will utilize AdvisorNet for compliance supervisory, practice management, and other back- and middle-office services, while also leveraging AdvisorNet's platform for certain fee-based services that supplement Cetera's advisory offerings.
Based in Baxter, Minnesota, in the Brainerd Lakes region, Cornerstone provides both commission- and fee-based holistic financial planning for retail clients comprised primarily of mass-affluent retirees and pre-retirees located in Minnesota and the Midwest. Led by James P. Benson II, a veteran advisor with over 20 years of industry experience, Cornerstone encompasses a total of eight professionals, including advisors and support staff.
Larry Roth, Chief Executive Officer of Cetera Financial Group, said, "The successful completion of our firm's transformation process has provided us with significant recruiting momentum going forward. We're excited about providing our industry-leading tools and resources to the Cornerstone team, within the context of an environment that understands and embraces their unique culture. We welcome Cornerstone to Cetera, as our firm enters the post-DOL landscape with widespread recognition among successful financial advisors of all the strategic advantages we offer."
Todd Kelzenberg, Vice President, Business Development of AdvisorNet, said, "We are delighted to support Jim Benson and the rest of his team with our comprehensive suite of services and capabilities. Jim has already achieved an outstanding track record in growing his practice and we are confident that being part of the AdvisorNet group of interdependent advisors, an organization of approximately 300 advisors focused primarily in the Midwest, will bring many new and valuable opportunities. In addition to his business strengths, Jim's extraordinary commitment to his faith and community reflects his fine personal character and we are proud to welcome him into the AdvisorNet family."
Mr. Benson stated, "I feel privileged to gain the exceptional support of Cetera Advisor Networks and AdvisorNet, both of which are recognized leaders in the independent financial advisory universe. I look forward to counting on them to relieve me of many of the demanding and time-consuming tasks involved in compliance and administrative duties, so that I may focus more of my time on our clients and on growing the firm. Our clients will benefit from the many new resources we will offer, and my colleagues and I look forward to the opportunities we will derive from participating in this extended community."
Douglas S. King, President and Chief Executive Officer, Cetera Advisor Networks, commented, "We welcome Jim and his team at Cornerstone to the Cetera Advisor Networks family. Jim is an accomplished professional and a great person who will fit well with us. As a firm, we are thoroughly committed to helping our advisors enhance their practices, and to providing them with top quality resources that will enable them to help their clients achieve their financial goals."
About Cornerstone Advisors
Based in Baxter, Minnesota, Cornerstone Advisors provides both commission- and fee-based holistic financial planning for a private retail clientele of mass-affluent retirees and pre-retirees, located primarily in Minnesota and the Midwest. Led by James P. Benson II, a veteran advisor with over 20 years of industry experience, Cornerstone encompasses a total of eight professionals, including advisors and support staff. For more information, visit www.cornerstonedifference.com.
About AdvisorNet Financial
AdvisorNet Financial provides independent financial advisors with an extensive network of support services and industry partners to enable advisors to operate their independent firms efficiently and competently. AdvisorNet's menu of practice support resources includes human resources, technology, marketing, practice management, and benefits, as well as end-client products and solutions including securities services offered through Cetera Advisor Networks and advanced planning services. Founded in 1959, AdvisorNet now serves approximately 300 independent financial advisors, as well as over 1,000 insurance brokerage agents, from its headquarters in Minneapolis, MN.
Securities and investment advisory services are offered through Cetera Advisor Networks, a member broker-dealer of the Cetera Financial Group. For more information, visit http://www.advisornet.com.
About Cetera Advisor Networks
Founded in 1983, Cetera Advisor Networks is an independent broker-dealer that has been a pioneer in the independent-contractor broker-dealer industry. It was built on the belief that financial advisors can enjoy even greater success by joining high-performance teams offering local support and guidance, while sharing best practices across a nationwide network. From that belief, the firm's hallmark regional model was born and has built the firm into one of the nation's largest and most successful independent broker-dealers. Cetera Advisor Networks is based in El Segundo, California.
Cetera Advisor Networks is a member of the Securities Investor Protection Corporation (SIPC) and a member of the Financial Industry Regulatory Authority, Inc. (FINRA). For more information, visit www.ceteraadvisornetworks.com.
About Cetera Financial Group
Cetera Financial Group ("Cetera") is a leading network of independent retail broker-dealers empowering the delivery of objective financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.
Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit www.ceterafinancialgroup.com.
* "Cetera Financial Group" refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services, marketed as Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, Legend Equities Corporation and Summit Brokerage Services.
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SOURCE Cetera Financial Group