Tom Halloran, who led the independent financial planning channel of Voya Financial Advisors, acquired by Cetera in 2021, will take over as the head of Cetera Advisors, the company’s traditional independent advisor broker/dealer, the company confirmed. He replaces Brett Harrison, current president and CEO of Cetera Advisors, who will exit the company after 25 years.
Cetera said Harrison will pursue “a new chapter in his career as he considers his long-term future and retirement.”
“Brett will forever be a member of the Cetera family and we know that his relationships with our advisors, home office staff and countless other partners will continue well into the future,” the company said in a statement.
Halloran will report to Tom Taylor, chief sales and growth officer, who will continue in that role, Cetera said.
Halloran currently serves as president of Cetera Wealth Partners, the rebranded Voya business that is now one of Cetera Advisor Networks’ largest enterprises, and he’ll continue to lead that business as well.
“Tom [Halloran] is well suited to guide the team into the future and will play a key role in executing Cetera’s continued growth strategy,” Cetera said. “Tom and Brett—and many other team members—are hard at work defining a transition process and timeline that prioritizes the needs of the financial professionals in the Cetera Advisors community.”
Halloran is based in Wellesley Hills, Mass., a suburb of Boston, where Mike Durbin, CEO of Cetera Holdings, the company’s parent, is located. Cetera hired Durbin, a former Fidelity Institutional executive, in May to build out an RIA acquisition channel.
“This is the opening salvo of Mike Durbin starting to build out a greater center of gravity for Cetera’s home office on the East Coast, and specifically in the greater Boston area,” said one source close to Cetera. “This is the start of many more significant management changes to come.”
Adam Antoniades continues to serve as CEO of Cetera Financial Group; in June, WealthManagement.com reported that Antoniades will likely step down from that role by the end of the first quarter of 2024, citing several sources close to the company. Durbin will lead the broker/dealer network.
Sources also said Genstar, Cetera’s private equity owner, is going to restructure its investment—specifically, it will move out of Genstar’s Fund VIII to another fund, providing some liquidity to investors and recapitalize the company.