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.

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Larry RothGerardo Tabones

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.