Cetera Financial Group, a network of RIAs and independent broker/dealers overseeing approximately $665 billion in cumulative client assets, has drawn a new head of corporate development from Avantax, the $84 billion wealth management firm , focused on taxes. bought it last year.
Michael Molnar spent four years leading succession planning for Avantax's independent broker/dealer platform and M&A for the RIA employee model. Prior to that, he held positions as a buy-side investor, investment banker, sell-side equity analyst, strategy consultant and certified public accountant. Molnar's resume includes time at Goldman Sachs, Accenture and Arthur Andersen.
At Avantax, Molnar orchestrated more than 20 acquisitions that nearly doubled the size of the RIA. He will now lead corporate development and an M&A team focused on acquisitions and succession solutions for Cetera's network. Replacing Ken Bond, who has held the position since January 2021, Molnar is based in New York City and will work with CFO Jeffrey Buchheister and Cetera Holdings CEO Mike Durbin.
“We are grateful for Ken's contributions, many of which supported Cetera's record growth in 2023,” Buchheister said in a statement. “We wish him well as he rejoins the insurance industry where he spent most of his career prior to Cetera.”
Buchheister said Molnar's previous experience made him the “natural choice” and called the move “an early success of our Avantax integration.”
Backed by Genstar Capital, which reinvested in the fall, San Diego-based Cetera Financial Group is owned by Cetera Holding and reports advising more than $475 billion in client assets, with an additional $190 billion under management. The firm has been working on consolidation its RIA platforms and broker/dealers in recent years.