A month after tapping former LPL Financial President Robert Moore as its non-executive chairman, the now privately held Cetera Financial Group says it has tapped the final three members of the board governing parent company Aretec.
Joining the board of the independent-broker dealer network are Mary Cranston, Robert "Bob" Dineen and Edmond Walters. Along with Moore, the remaining board members are Cetera CEO Larry Roth; Michael Kaufman, principal of Redwood Capital Management; David King, managing director at Fortress Investment Group.
Walters used to serve as CEO of eMoney Advisor, a web-based planning system used by some 55,000 advisors that was sold to Fidelity last year. Dineen most recently was vice chairman of Lincoln Financial Network and a member of Lincoln Financial Group's senior management committee, and he also is a board member of life insurer Aegon. Cranston is a retired senior partner and past chair of the law firm Pillsbury Winthrop Shaw Pittman who is now on the boards of Visa, the Chemours Company and Myokardia.
"We are very, very pleased to have selected Mary, Bob and Edmond for the board," said Moore in an interview with ThinkAdvisor. "Specifically, we were looking for distinct capabilities, stature and experience around different aspects of the business, such as risk, regulation, audits and technology. … This is a fantastic and remarkably accomplished group of individuals."
Cetera's parent firm worked with Ridgeway Partners to identify candidates for the board, he adds.
"We recognize the challenges of the industry, as well as the opportunities that exist … with Cetera, its history, its set of capabilities and potential," said Moore. "We are all firmly committed to that, to creating conditions for success and bringing skills to bear on these [objectives]. We are giving Larry, the entire management team, advisors and clients a board for which they can derive confidence and feel extraordinarily well supported."
