We continue with our series that examines a culture of oppression at Cetera under Robert Moore. In hopes contravention in old thinking can be terminated and exercised discretion can begin.
Reasons are surfacing, but comment from the broker – dealer have been terminated, about Moore’s recently departure, raising questions about him being discharged by the firm or not. Coming to light are allegations that First Allied Securities unduly fired advisors to prepare for future acquisitions.
There are reports that Cetera’s private equity owner Genstar was in talks to merge with Lightyear Capital’s Advisor Group but negotiations broke down ahead of Robert Moore’s departure. The pace of Cetera’s technology roll outs in the wake of the Genstar acquisition was a continuing problem for the CEO.
On the other hand, Cetera under Moore, had flat growth and declining advisor retention from the hangover for advisers who spent years in the security industry living through troubled history under previous owner Nicholas Schorsch, which ended in bankruptcy. Possibly agents jumped ship because bonuses or equity grants that many expected, will likely never came to pass.
More as this story develops.