Brooke’s Note: There is something mercenary about the way that the former insurance broker-dealers get bought, sold, spruced up and staffed. The (formerly ING) Cetera and (formerly AIG) Advisor Group entities are equal parts grand rafts of human financial advisory potential and leftover insurance broker culture that meant not only selling but favoring the brand on their business cards. As such they are catnip for private equity firms who surmise that even marginal improvements can yield enormous gains in value. But when they install mercenary CEOs, they not only expect results, they expect results yesterday. Against that backdrop, Robert Moore is out at Cetera. The official reason and the industry-buzz reason for his planned exit next month differ in their specifics.
Here is Part 3 of Her Story
“It is well known that private equity firms are interested in this industry. Given the success and momentum of our company, it is not surprising that this would lead to speculation and rumors. We continue to be focused on serving our advisors and their clients, and building on the great momentum we have experienced,” the letter said.
Picking up pieces
Whether Moore’s track record at the firm figured into his departure is unknown. The consensus among industry observers suggests he’s done a credible job. But now Cetera is saddled with the task of finding someone else of equal or greater stature to step in and pick up the pieces.
For the moment, a rusty Schwab chief is taking the reins.
Effective March 31, Ben Brigeman steps into Moore’s big shoes, even though he hasn’t held an executive position since 2012 when he left Schwab as its retail chief. See: Ben Brigeman is exiting Schwab and his position atop its retail business — perhaps portending bigger changes
Brigeman is currently chairman of the board at Cetera and has held board positions at several other firms.
“RJ has been the leader needed at Cetera during the company’s restructuring and remarkable turnaround, and we are grateful that he will be able to continue to be part of the organization in an advisory capacity,” Brigeman says.
For the record, Moore says in a statement the move was dictated by his doctor. “This led to one of the most difficult decisions of my professional career, and one that has engendered many mixed emotions,” he said.
Cetera has retained search firm Heidrick & Struggles to begin a search for a new CEO.