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.
