Cetera Adds $265M Growth-Minded Team to Tax Channel

Core Insights - Cetera is actively expanding its recruitment efforts by adding a new team of financial specialists and plans to recruit more advisors, despite a recent small workforce reduction in non-advisor teams [1][5]. Recruitment and Team Expansion - The new team, led by cousins Matthew and Christopher Callero, is joining Cetera's tax and accounting channel with approximately $265 million in assets under administration, operating under the name Callero Capital Management [2]. - The Callero team consists of eight members previously associated with Woodbury Financial Services, and they chose Cetera for its back-office support and growth-oriented approach, particularly in recruiting advisors [3]. Strategic Focus and Future Plans - Matthew Callero emphasized the firm's commitment to welcoming additional producing advisors who align with their client-first philosophy, highlighting a focus on succession solutions for retiring advisors over the next 3 to 5 years [4]. - Cetera specializes in retirement planning for individuals, families, and business owners, indicating a targeted market approach [4]. Workforce Adjustments - A spokesperson for Cetera confirmed a small workforce reduction aimed at aligning resources and streamlining operations, with minimal impact on field-facing employees and no effect on Regional Growth Teams [5][7]. - The company has previously made layoffs that were not advisor-facing, indicating a strategic focus on operational efficiency [5]. Recent Acquisitions - Cetera has made several acquisitions, including the $1.2 billion acquisition of Avantax in 2023, which may have led to duplicative roles within the organization [6]. - The acquisition of Securian Financial Group's retail wealth business also added over 1,000 financial professionals and 30 independent firms to Cetera's portfolio [6].