Adam Antoniades, who has served as CEO of Cetera Financial Group since December 2019, will retire from his role at the independent broker/dealer network at the end of this year, the company confirmed. Mike Durbin, CEO of Cetera's parent company, will take over Antoniades' position. Antoniades, 59, will continue to serve on Cetera's board of directors.
WealthManagement.com it Was first to report that Antoniades would be leaving the company. Sources said at the time that former Fidelity executive Durbin would take control of the firm following a recapitalization with private equity owner Genstar.
Sources confirmed that the firm's board wanted a strategic leader and having a CEO of the holding company as well as one overseeing the combined broker/dealers didn't make sense. At the time, Durbin and Antoniades both denied there were any plans for Antoniades to leave.
“There are many chapters in any extraordinary organization,” Antoniades said in a statement. “I am proud to have served as CEO of the turnaround and expansion, leading the company through crucial stages of growth and transformation. Mike is a proven leader who will lead the next chapter, moving the company forward to even greater opportunities for growth.” and accelerated success.”
In October 2023, Cetera's private equity owner, Genstar new reinvested capital in the broker/dealer network from two of its newest funds, Fund XI and Fund X.
When then the CEO RJ Moore resigned from his role in February 2019, the firm named Ben Brigeman, non-executive chairman of the board of directors, as interim CEO. The board then searched for a new CEO for eight months before finally promoting Antoniadespresident at that time, in position.
Antoniades served as president of Cetera from 2014 to 2019. Prior to that, he co-founded First Allied Securities in 1994, a broker/dealer that was acquired by Cetera, and served as its president and CEO for the better part of two decades.
“These 35 years have been extremely rewarding,” he said in a statement. “I wouldn't change any of them. However, now is the right time to focus on another part of my life, especially my family and friends.”
Under his leadership, the firm has grown to approximately 12,000 advisors, more than $521 billion in assets under administration and $224 billion in assets under management as of June 2024.