RCS Capital discovers there’s a new boss on board

Don’t worry, the merger won’t effect your job:

Nicholas Schorsch’s RCS Capital Corp. is shaking up its management, announcing that Valerie Brown, the longtime head of Cetera Financial Group and its predecessor ING broker-dealers, has stepped down and is being replaced by Larry Roth, whom Mr. Schorsch plucked from Advisor Group last year to lead his wholesaling broker-dealer, Realty Capital Securities.

The change comes as the financial advice industry has been wondering how Mr. Schorsch would assemble the disparate pieces of his retail broker-dealer, which currently houses about 8,000 independent reps and advisers. Another 1,000 reps are slated to join RCS Capital after three pending broker-dealer acquisitions are completed this quarter. …

In the interview, Mr. Schorsch stressed that the announcement of Mr. Roth’s becoming CEO of Cetera Financial was part of an effort to take a “very careful and prudent look at” the management structure of the company and its disparate broker-dealers. “Some [executives] came from Cetera, some came from First Allied,” he said.

Valerie Brown out at Cetera

About Mark Elzweig

I am an executive search recruiter with an inside track on financial advisors, the asset management industry, and Wall Street. My work has appeared in numerous publications including On Wall Street,AdvisorOne, and Fund Fire. Journalists regularly seek me out, so you catch my bon mots in The Wall Street Journal, Research Magazine, Reuters, and more. You can follow me on Twitter @elzweig or you can reach me directly at 212-685-7070 or elzweig@elzweig.com.
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One Response to RCS Capital discovers there’s a new boss on board

  1. Pingback: Schorsch Shoots for 20,000 Advisors | mark elzweig company, ltd

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