UNLOCK THE POWER OF THE VAULT

Despite parent’s bankruptcy, Cetera recruits $200 million team

April 22, 2016

Empire Asset Management Group was formerly registered with Northern Lights Distributors, a broker-dealer that specializes in mutual fund distribution

Apr 20, 2016 @ 11:04 am | By Bruce Kelly | Investment News

Despite a bankruptcy filing by its parent company, Cetera Financial Group on Wednesday morning announced it had recruited Empire Asset Management Group, an upstate New York team with $200 million in client assets.

Cetera Financial Group’s parent company, RCS Capital Corp., at the end of January filed for a pre-arranged, Chapter 11 bankruptcy reorganization, in which its debt would be converted to equity in Cetera, a network of 10 independent broker-dealers with close to 9,000 registered reps and advisers.

Cetera expects to emerge from bankruptcy by the end of next month as a privately held company controlled by its institutional investors.

Print Friendly, PDF & Email
Go Back
John E. Moriarty, ChFC
December 2015
February 3, 2016

I have been in the financial services industry for 20 years and our firm provides an education platform that gets clients to “think differently” about their financial picture.  For many years we have communicated to clients the need to diversify their portfolios using alternative asset classes and more specifically, private non-traded investments.  Due diligence on these types of financial vehicles is essential and when I learned about Blue Vault in 2010, our firm immediately began using their material as a tool to build confidence in the minds of our advisors on which alternatives to recommend to clients.  I am impressed with the way Blue Vault continues to add value to their subscribers and I view their publication as a tremendous resource in today’s complex world.