Court filings from the RCAP bankruptcy proceeding state that Cetera Financial Group’s adviser headcount has fallen 4.3%
Feb 11, 2016 @ 12:50 pm | By Bruce Kelly | Investment News
In a rare public admission of difficulties with its advisers, RCS Capital Corp. in a court filing on Tuesday said that Cetera Financial Group was under “strain” due to RCAP’s significant financial problems.
Court filings from the RCAP bankruptcy proceeding state that Cetera Financial Group’s adviser headcount at the end of last year was about 9,100 financial advisers. That’s down from approximately 9,500 — or 4.3% — from the number of advisers RCAP previously stated was under the Cetera Financial Group umbrella of 10 different broker-dealers.
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