Cetera Financial Group CEO Adam Antoniades will retire at the end of December, the investment advisor announced Thursday.
Mike Durbin, CEO of Cetera Financial Group’s parent company Cetera Holdings and a past executive of Fidelity Investments, will step in and lead both brands. Antoniades will continue to serve on Cetera’s board of directors.
“There are many chapters in every exceptional organization. I am proud to have served as both a turnaround and expansion CEO, guiding the company through crucial phases of growth and transformation. Mike is a proven leader who will guide the next chapter, driving the company forward into even greater opportunities for accelerated growth and success,” Antoniades said in a statement.
Antoniades has helmed as CEO since 2019. Under his leadership, Cetera acquired nine companies, increasing its assets under management (AUM) by 200% and total revenue by nearly $2.8 billion. Antoniades was also instrumental in incorporating proprietary platforms AdviceWorks and Growth 360 during this time.
Antoniades, 59, has spent 35 years in the financial services industry, first as cofounder and CEO of broker-dealer First Allied Securities in 1994. He moved to Cetera in 2014 as part of its senior management team, after First Allied integrated into Cetera’s network. The broker-dealer shuttered its doors in 2022.
Now, Antoniades says he hopes to spend his new time with family and friends.
“These 35 years have been incredibly rewarding. I wouldn’t change any of it,” he shared. “I am incredibly proud of what we’ve accomplished at Cetera, and I look forward to the company’s continued success. Cetera is in its strongest position yet, thanks to our partnership with Genstar and the talented leadership team. The best is yet to come.”
With approximately 12,000 financial advisors, Cetera oversees more than $521 billion in assets under administration (AUA) and $224 billion in AUM, as of June 30, 2024.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
