Date: 01.03.13

Cetera Advisor Networks Offers New Succession Plan Option

Los Angeles, CA – Cetera Advisor Networks LLC has taken succession planning support to a new level. It will now offer its regional directors, as well as other small- to mid-sized broker dealers, the opportunity to sell their business to Cetera Advisor Networks, providing for liquidity and to help ensure a smooth transition of leadership.

Firms that elect this option will operate similarly to existing regions within Cetera Advisor Networks’ distinctive regional model, and advisors will remain independent contractors just as they are today, with similar reporting and supervisory structures.

“Succession planning is one of the most important aspects of running a practice. When regional leaders who have built successful businesses look to retire, a succession strategy that ensures a smooth transition for advisors and their clients while also maximizing the value is challenging,” said Doug King, president of Cetera Advisor Networks. “This option provides a much needed solution that doesn’t exist in today’s marketplace.”

The first to participate in the company’s new program is Regional Director Michael McCormick and his firm Benchmark Financial Network.

“I’ve been working with the team at Cetera Advisor Networks as I plan my transition into retirement,” said McCormick. “This is a great opportunity for my business – my legacy – to continue its momentum with a leadership team that understands and has been part of the culture and values I’ve built.”

McCormick will continue to co-direct the firm for five years in conjunction with new regional co-director Timothy Miller, who joins Cetera Advisor Networks from Wells Fargo, where he most recently was responsible for growing the investment business within the bank’s private banking offices in the Pittsburgh and Philadelphia regions. Additionally, Benchmark’s two-person compliance team will also join the company and continue to support the region under Miller.

Benchmark has 75 advisors and six offices of supervisory jurisdiction.

The new offering is a natural extension of Cetera Advisor Networks’ unique model, which combines small-firm support through regional teams with the robust resources made possible by a large, national home office. This allows for advisors to have the best of both worlds throughout the life-cycle of their career; whether it’s transitioning to independence, building and optimizing a practice, or preparing to realize the equity of the organization they’ve built.

About Cetera Advisor Networks

Cetera Advisor Networks LLC is an independent broker-dealer and registered investment advisor firm that utilizes a unique regional director model to support financial advisors through the entire lifecycle of their business. Cetera Advisor Networks is able to build and support regional teams through local service, regional offices and a national home office, facilitating the success of its more than 2,000 financial professionals.

Cetera Advisor Networks, a part of the Cetera Financial Group, is a member of the Securities Investor Protection Corporation (SIPC). For more information, see www.ceteraadvisornetworks.com

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