Cetera Financial Group says it has hired more executives and updated its platforms in order to helps its advisors sell and service retirement plans in accordance with the expected new Department of Labor fiduciary standard.
On Tuesday, the group of independent broker-dealers said it introduced Cetera Retirement Plan Specialists, an ERISA plan consulting firm and a dedicated third-party administrator. This group used to serve First Allied advisors but will now be available to the more than 9,000 registered reps affiliated with the Cetera network of IBDs.
"Cetera is very, very much on top of the DOL game," said Brett Harrison, executive vice president for advisor growth for Cetera Financial and CEO of Cetera Advisors, in an interview with ThinkAdvisor. "This is one component of that work in the retirement plan space."
(Cetera is owned by RCS Capital, which recently filed for Chapter 11 bankruptcy protection; as part of its restructuring plans, the parent company plans to give lenders control of the unit and take Cetera private.)
