Cetera CEO: What's Next After Protective Life Deal

"It's not like we just have 12,000 advisors marching blindly forward," Durbin said. "We have our advisors organized strategically across our different channels, and we have distinct communities within each channel. We do this to help make the big feel small, if you will, and that's a core component of what we are trying to accomplish day in and day out."

Key to this approach, Durbin said, is Cetera's multi-affiliation model approach. Other growing "communities" include Cetera Wealth Management Group, which is built on Cetera's 2023 acquisition of Securian Financial Group's retail wealth business, and Cetera Investors, built on the 2019 acquisition of Foresters Financial's U.S. brokerage and investment advisory business.

Durbin added that M&A transactions may get the most media attention, but the bulk of his daily work is focused more on the organic growth front and on ensuring the firm maintains its client-focused culture.

"As you know, a key part of maintaining organic growth is also keeping what you have, so we are working day in and day out to ensure our advisors have the support they need to run their businesses," Durbin said. "We are building a proven record of advisors growing faster with us than they would if they weren't with us."

Growth Through Financial Planning

Cetera can deepen its relationship with clients across its channels by "leading with financial planning," Durbin argued, and by investing in the platform and delivering the capabilities that advanced planners need in the current environment.

"If you can get a financial plan in place with a household, you either are the primary advisor or you're on your way to being the primary advisor," Durbin said. "It's also important to note that there are different levels of planning — gradations of planning that range from the foundational elements all the way up to the most complicated cash flow planning and estate planning."

Durbin said Cetera is happy to back advisors all along this spectrum by connecting them with the planning technology and capabilities they need, including via platforms like eMoney and MoneyGuidePro.

Growing Demand

While the aging advisor population is one point of concern for RIA industry leaders, Durbin argued there is actually reason for optimism in the broader demographic trends.

"There's been about 300,000 advisors in the U.S. for a decade or longer," Durbin said. "The number hasn't moved even as there have been many people coming into the industry and an ever-increasing demand for the services of advisors."

That creates good secular dynamics for the industry, Durbin said, because more and more households want advice against a fixed supply of advisors. This means it's key that technology and product offerings are being brought to bear that let advisors take on more households.

"The productivity and efficiency of practices is getting better, and that should help us address any lack of headcount coming into this industry," Durbin said.

Traditionally, the typical RIA would have 100 to 125 households. But in recent years, managed account platforms, planning tools and affiliation options have changed the game.

"Moving forward, I believe an advisor with the right tools can handle 200 or 250 households," Durbin said. "That's a sea change."

Pictured: Mike Durbin