Girard Securities, an independent broker-dealer acquired into the Cetera network under its prior owners in 2014, is to become an independent advisor group affiliated with Cetera Advisor Networks, and to wind down its own broker-dealer platform.
Girard Securities’s advisers will affiliate with Cetera Advisor Networks, which focuses exclusively on supporting autonomous teams of like-minded advisers referred to as Regions. With 200 independent advisers, who will operate under the Girard brand, supporting USD7.7 billion in client assets, the Girard region is expected to be one of the largest Cetera affiliates.
Tom Taylor, President of Cetera Advisor Networks, says: “We’re delighted to welcome the Girard organisation to Cetera Advisor Networks as one of our largest independent advisor groups. This step by Girard reflects our widely recognised track record of success for supporting the growth of independent adviser teams that want access to breakthrough technologies and tools, while preserving their own leadership team, culture and brand. The fiduciary era that our industry is entering has translated into a rising demand among advisors and end clients for a truly advice-centric experience, in direct contrast to the sales or product-centric approach utilised by many in this space. Our history of delivering a unique combination of large firm resources with the autonomy that independent adviser teams need to thrive under the advice-centric experience model of the future makes this transition a win-win for Girard and Cetera.”
Cetera expects this move to more seamlessly and rapidly provide access for the Girard Region’s advisers to Cetera’s Advice Architect Ecosystem of integrated platforms and tools designed to support the creation of an Advice-Centric Experience for advisers and end clients. This will include access to the My Advice Architect investment solutions offering as well as Cetera’s revolutionary Decipher emotional analysis software. The Girard Region will also benefit from tighter integration with Cetera’s broader adviser technology platform and more streamlined access to its various flexible service models.
Girard Securities CEO Susie Woltman Tietjen will serve as Regional Director of the Girard team going forward, ensuring continued strong relationships with the Girard adviser community. The Girard Region’s leadership team will operate from Girard Securities’ current headquarters location in San Diego for the foreseeable future.
Woltman Tietjen says: “Our transition to a becoming an independent team affiliated with Cetera Advisor Networks marks the beginning of a new chapter of growth for our team, enabling us to leverage the full strength of Cetera’s scale and resources to support the success of our advisers and the success of their clients. With the growing regulatory and operating burdens associated with running our own independent broker-dealer removed, the entire Girard organisation will be able to devote our full attention to the mission of helping our advisers build the businesses they want. Just as importantly, our new structure positions us to maintain the close-knit, family-operated culture that has always formed the backbone of our organisation.”
The addition of the Girard advisers operating as an independent adviser team under its own brand, leadership and culture, follows closely on the affiliation in June this year of the advisers previously associated with HBW, formerly an independent broker-dealer, with Cetera Advisor Networks as an autonomous Region supporting 55 independent advisers and USD820 million in client assets under the HBW brand and management.
Taylor says: “The transition of both Girard as well as HBW from broker-dealers to Regions affiliated with Cetera Advisor Networks is a trend that we’re confident will continue. Our firm is extremely well-positioned for continued success in recruiting, as smaller and mid-sized firms increasingly seek ways to remain together as autonomous entities, but without the administrative and regulatory burdens of being a broker-dealer in a post-DOL environment.”
The Girard Securities broker-dealer wind-down is expected to start in early November, subject to FINRA approval.