Cetera BD to Drop FINRA Registration
July 16, 2019 by Janet Levaux
One of Cetera Financial Group’s broker-dealer firms is dropping its BD registration. Summit Brokerage, which has about 450 affiliated financial advisors with some $17.5 billion in assets, should soon become part of Cetera Advisor Networks.
According to Cetera, Summit’s move to no longer register with the Financial Industry Regulatory Authority (FINRA) and instead operate as an independent advisor group relieves it of certain “operational and regulatory burdens.”
“Summit’s decision … is a win-win for Cetera, creating operational simplification that enables a more enhanced advisor experience,” said Cetera President Adam Antoniades, in a statement.
Summit President Marshall Leeds will stay on as its president, as will other members of the group’s management team, who are based in Boca Raton, Florida.
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